Product category: Design and Development Software
News Release from: Mentor Graphics UK
Edited by the Electronicstalk Editorial Team on 25 April 2002
Mentor to acquire Innoveda
Mentor Graphics and Innoveda have signed a definitive merger agreement providing for Mentor Graphics to acquire all the outstanding shares of Innoveda
Mentor Graphics and Innoveda have signed a definitive merger agreement providing for Mentor Graphics to acquire all the outstanding shares of Innoveda for $3.95 per share in cash, for a total purchase price of approximately $160 million. The boards of directors of both companies have approved the merger agreement.
This article was originally published on Electronicstalk on 25 April 2002 at 8.00am (UK)
Related stories
Mentor closes in on Innoveda acquisition
Mentor Graphics has completed its cash tender offer for the shares of common stock of Innoveda at a price of $3.95 per share
Progress for Mentor in Innoveda acquisition
Mentor Graphics has received early termination of the waiting period required under the Hart-Scott-Rodino Act in connection with its proposed acquisition of Innoveda
Under the terms of the merger agreement, Indiana Merger Corporation, a wholly owned subsidiary of Mentor Graphics, will make a tender offer to purchase all outstanding shares of common stock of Innoveda at a price of $3.95 per share in cash.
The tender offer will be subject to certain conditions, including the receipt of all necessary government approvals and the tender, without withdrawal prior to the expiration of the offer, of at least a majority of Innoveda's outstanding shares on a fully diluted basis.
The merger agreement provides for the tender offer, which is expected to commence by 30th April 2002, to be followed by a second-step merger in which those shares not tendered will be converted into the right to receive the same $3.95 per share in cash.
Stockholders representing approximately 39% of the outstanding shares of Innoveda have entered into support agreements under which they agreed, among other things, to tender their shares in the tender offer and if necessary, to vote their shares in favour of the proposed merger.
The proposed acquisition will significantly broaden Mentor's position in both the PCB systems and wire harness design markets through the integration of Innoveda's complementary solutions.
Further reading
Control system demonstrates viability of Autosar
Mentor Graphics has completed a demonstrator project for Volvo that entailed completely redeveloping an existing climate control system using Autosar technology
Acquisition delivers powerful design-to-fab flow
Mentor Graphics Corp has acquired Sierra Design Automation for US $90 million in cash and stock
Infineon and Chartered use litho-friendly design
Mentor Graphics has validated its Calibre LFD (litho-friendly design) results in silicon on 65nm process technology
"PCB design continues to increase in complexity, requiring solutions that address challenges with advanced interconnect and signal integrity, as well as provide supply chain integration and data management", said Henry Potts, vice president and general manager of Mentor's Systems Design Division.
"These challenges are placing PCB design back in the critical path for systems design and are evident whether you are creating a quick prototype or working in a complex integrated global enterprise".
"Innoveda's technology, products and roadmap provide additional components for the realization of our product strategy to address these challenges", said Potts.
"Mentor is committed to the systems design industry, and intends to continue to support Innoveda's customers".
"We're looking forward to joining the Mentor team, and contributing to its leadership position in PCB and wire harness design and analysis", said William J Herman, chairman and CEO of Innoveda.
"We see a great deal of synergy in our respective product lines and development teams, and believe that the combination of our technology and Mentor's proven solutions and market presence will offer tremendous benefits to customers.
New challenges in electronic systems and PCB design are driving customers to revisit their entire design solution strategy.
This is a great opportunity for us as well as the systems design community".
Needham and Company and Banc of America Securities serve as the financial advisors to Mentor for this acquisition.
Robertson Stephens acted as the exclusive financial advisor to Innoveda in this transaction.
Request free introductory details about products from Mentor Graphics UK....
• Mentor Graphics UK: contact details and other news
• Email this article to a colleague
• Register for the free Electronicstalk email newsletter
• NEW
• Electronicstalk Home Page
Related Business News
Icoa Is Partnering With Anchorfree To...
...Enhance And Monetize Thousands Of Wi-fi Hotspots. Icoa, Inc., a national provider of wireless broadband Internet access and managed network services in high-traffic public locations, and AnchorFree Inc., a rapidly growing Wi-Fi community powered by advertising, have announced today that they are partne
Olympics raises demand for IT contractors
The number of IT contractors working in the engineering sector has almost doubled in 12 months because of demand generated by the 2012 Olympics, according to contractor Giant Group PLC.
Stellar Appoints CIO to Lead Call...
...Centre Outsourcing Technology Strategy. Stellar, a leading global business process outsourcing provider, today announced that Warwick Marx has been appointed Chief Information Officer of Stellar Asia Pacific.
Dell pushes for better Linux drivers
Dell wants to see better software drivers for Linux so that the firm can ship more notebooks and desktops running the operating system, according to one of its software engineers.
Eds Sales Take A Tumble
Dave Friedlos, Computing , Thursday 17 May 2007 at 00:00:00 But experts say downturn may reflect market weakness, writes Dave Friedlos Outsourcing giant EDS has released disappointing first-quarter figures showing slower growth and fewer con
Search the Pro-Talk network of sites
