Product category: Design and Development Software
News Release from: Mentor Graphics UK
Edited by the Electronicstalk Editorial Team on 14 March 2002
Mentor to acquire IKOS
after Synopsys drops out
Mentor Graphics is to acquire all outstanding shares of IKOS Systems for $11.00 in cash per share of IKOS common stock
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The news follows the termination of a previously announced merger agreement between IKOS and Synopsys. The IKOS Board has unanimously approved the Mentor tender offer and merger and unanimously recommends that IKOS stockholders tender their shares in the offer. Following completion of the tender offer, the merger agreement provides for Mentor to consummate a second-step merger in which those shares not tendered will be converted into the right to receive $11.00 per share in cash.
Closing of the tender offer is conditioned on shares being tendered which, together with shares held by Mentor, constitute more than 50% of the fully diluted common stock of IKOS.
If 90% of the outstanding shares are held by Mentor following completion of the tender offer, the second-step merger can be completed without a vote or meeting of IKOS' stockholders.
"IKOS' emulation product line and patented technology substantially strengthen our existing emulation business and provide us with a product that we can sell in the USA immediately after the transaction is consummated", said Walden C Rhines, Chairman and Chief Executive Officer of Mentor Graphics.
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Functional verification expands in scope
Platform addresses low-power verification and incorporates verification management capabilities that enable closed-loop management reporting, analysis and documentation
500 companies download datatypes
Mentor Graphics' Algorithmic C (AC) datatypes enable algorithm, system and hardware designers to precisely model bit-true behaviour in C++ specifications while accelerating simulation speeds
"Mentor Graphics will now offer customers a broader range of emulation products and price points.
IKOS also brings us a proven North American emulation sales and service infrastructure, which we expect to leverage across our entire product line".
"We're delighted to combine IKOS Systems with our own emulation business and, together, build the best verification company in the industry", said Eric Selosse, General Manager of Mentor Graphics' emulation division in France to which IKOS will report.
"This is an exciting opportunity for Mentor to leverage IKOS' skills and technology and extend our verification solutions into the important North American market".
"I am excited about the opportunity to team up with a company that shares the vision that emulation is essential in the future of design verification of complex electronic designs", said Ramon Nunez, President and Chief Executive Officer of IKOS Systems, "IKOS' Board carefully considered all alternatives for the company and determined that Mentor's offer represents the best value for the IKOS stockholders.
The purchase price represents a 49.5% premium over the closing price of IKOS stock on 29th June 2001, the last trading day before the terminated merger agreement with Synopsys was announced.
I look forward to working with Mentor's management team to ensure a smooth integration of our two companies for customers, vendors and employees".
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