MENT has the votes for QKTN meeting!
Reuters Story - September 29, 1998 15:51
WILSONVILLE, Ore., Sept 29 (Reuters) - Mentor Graphics Corp. , which has launched a $216 million hostile bid for Quickturn
Design Systems Inc., said Tuesday it had enough votes to call a special meeting of Quickturn shareholders to consider replacing that
company's board of directors.
Mentor said it has nominated a slate of directors to replace the existing board of Quickturn , a maker of integrated circuit design testing
products. Mentor said it had called the meeting for Oct. 29.
Officials of San Jose, Calif.-based Quickturn were not immediately available to comment.
Wilsonville, Ore.-based Mentor, a maker of computer systems and testing equipment, launched an unsolicited bid for Quickturn last
month, saying an acquisition could help end a legal feud between the two companies. Mentor offered $12.125 per share of Quickturn,
which also makes design test products and is in the midst of a legal battle with Mentor over certain patents. Mentor said that
Quickturn's bylaws allow any shareholder with more than 10 percent of outstanding stock to call a special meeting and said it had
proxies for 17.26 percent of the company's shares.
"As verified by the independent tabulator, Quickturn's stockholders have validly called the special meeting," Mentor President Walden
Rhines said in a statement. "We call upon Quickturn to stop wasting stockholders' time and money." |
