CIMdata PLM Industry Summary Online Archive
15 August 2008
Acquisitions
Cadence Withdraws Proposal to Acquire Mentor Graphics
Cadence Design Systems, Inc. announced that it has withdrawn its proposal to acquire all of the outstanding shares of Mentor Graphics Corporation common stock and that its Board of Directors has authorized a $500 million increase to Cadence’s stock repurchase program. The Company said:
Cadence also announced today that its Board of Directors has expanded the Company’s authorized share repurchase by up to an additional $500 million, subject to market conditions. Together with the Company’s current share repurchase program, Cadence’s total share repurchase authorization is now approximately $912 million.
Cadence will repurchase the shares from time to time for cash in open market transactions or in privately negotiated transactions in accordance with applicable federal securities laws. The timing and amount of the repurchases will be determined by the company’s management based on their evaluation of market conditions, share price and other factors. The stock repurchase program may be suspended or discontinued at any time.
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