The follwoing story is an example of a high tech co. that is fighting for shareholder value in the face of a low-ball offer. Might be interesting for those of us invovled with Zucko/SHVA.
Quickturn Responds to Mentor Graphics' Extension of Its Unsolicited Tender Offer
Quickturn's Board Continues To Strongly Recommend That Quickturn Stockholders Not Tender Their Shares
SAN JOSE, Calif.--(BUSINESS WIRE)--Dec. 1, 1998-- Quickturn Design Systems, Inc. (Nasdaq: QKTN - news) today responded to Mentor Graphics Corporation's (Nasdaq: MENT - news) extension of its tender offer, which was scheduled to expire November 30, 1998, but was extended by Mentor to December 21, 1998 without its purchasing any shares tendered. Mentor continues to own only 591,500 shares of Quickturn stock. Quickturn's board continues to strongly recommend that Quickturn stockholders not tender their shares to Mentor and urges Quickturn stockholders who may have tendered to withdraw their shares.
On August 24, 1998, the Quickturn board of directors recommended that Quickturn stockholders reject Mentor's unsolicited tender offer. The board determined that Mentor's offer is inadequate, does not reflect the inherent value of the Company, and is not in the best interests of Quickturn or its stockholders. Quickturn's board considered, among other things, the historical trading prices of Quickturn's common stock, including the fact that Mentor's offer is more than 25% below the stock's highest closing price over the last year, and less than 4% above its average closing price during the same period.
Quickturn Design Systems, Inc. is the leading provider of verification products and time-to-market engineering (TtME(tm)) services for the design of complex ICs and electronic systems. The company's products are used worldwide by developers of high-performance computing, multimedia, graphics and communications systems. Quickturn is headquartered at 55 W. Trimble Road, San Jose, CA 95131-1013; Telephone: 408/914-6000. For more information, visit the Quickturn Web site at www.quickturn.com or send e-mail to info@quickturn.com. |
