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Technology Stocks : XO Holdings, Inc. (XOHO - XO Communications)

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To: tech101 who wrote (592)	2/22/2011 11:14:29 AM
From: FJB	Read Replies (1) of 615

Mentor Graphics Gets $17-A-Share Bid From Icahn blogs.forbes.com Feb. 22 2011 - 9:08 am \| 8 views \| 0 recommendations \| 0 comments Investor Carl Icahn this morning disclosed in an SEC filing that he is offering to buy chip design software company Mentor Graphics (MENT) for $17 a share in cash. Icahn already own a 14.7% stake in the company. Here’s the text of Icahn’s letter to Mentor’s board: Gentlemen: I hereby offer to have one or more of my affiliated entities purchase Mentor Graphics in a transaction, the form of which will be determined, designed to yield its shareholders $17 per share net in cash. That price represents an approximate premium of about 40% above the price at the beginning of January 2011. This offer is conditioned on completion of cursory due diligence, and the redemption and waiver of anti-takeover devices and laws such as the poison pill. There will be no financing conditions. Furthermore, we will not insist upon providing for a break-up fee in the transaction so as not to provide a roadblock to others who may want to consider bidding higher than our bid. As we have told you, we believe that there are potential strategic bidders for Mentor Graphics whose bid will reflect inherent synergies and should be superior to our $17 offer. However, in any event, we believe that our fellow shareholders should have the opportunity to accept our offer or a higher one, if one emerges as we think it will. Mentor so far has not responded to the bid. This morning, Mentor shares are up $2.35, or 16.2%, to $16.87.

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