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Mentor Graphics to Acquire Innoveda
Electronic design automation provider Mentor Graphics agreed today to acquire Innoveda, a programmable chip software vendor.
Under the terms of the merger agreement, Indiana Merger Corporation, a subsidiary of Mentor Graphics, will make a tender offer to purchase all outstanding shares of Innoveda common stock at a price of $3.95 per share in cash. The offer is subject to certain conditions, including government approvals and the tender of at least a majority of Innoveda's outstanding shares on a fully-diluted basis.
The merger agreement provides for the tender offer, expected to commence this month, 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 about 40% of Innoveda's outstanding shares have agreed to tender their shares in the tender offer and if necessary, to vote their shares in favor of the proposed merger.
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