Cadence Design offers to buy Mentor Graphics for $16 a share

NEW YORK (MarketWatch) — Cadence Design Systems Inc. on Tuesday bid $16 a share in cash to buy Mentor Graphics . The deal values Mentor at a premium of $3.67, or 30% over its closing price of $12.33 a share on Monday. The transaction price represents a total value of $1.6 billion on a fully diluted basis, which reflects Mentor Graphics’ net debt of $69 million. Cadence’s proposal is subject to the negotiation of a mutually agreeable merger agreement, the completion of certain limited and confirmatory due diligence, and receipt of regulatory approvals.
Deutsche Bank Securities Inc. is acting as financial advisor to Cadence and Davis Polk & Wardwell is acting as legal counsel.
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