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Mentor Graphics Has Acquired Flomerics
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By
Gabe
Moretti
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EDA DesignLine
(07/03/2008 4:39 PM EDT)
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Venice, Florida — The respective Board of Directors have agreed on the terms for Mentor Graphics acquisition of Flomerics. As of July 1, Mentor Graphics held 7,191,498 shares of Flomerics, or 31.3% of all outstanding shares. In accordance with Rule 9 of the City Code it must make a mandatory cash offer for all of the issued and to be issued Flomerics' shares.
The terms of the offer mean that each Flomerics' share will be valued at 122 pence. Given the exchange rate of $1.98 per pound sterling the transaction has a value of $59.72 million.
Mentor had been trying to gain control of the firm. But Mentor's original offer of about $2.07 per share, or about $47.1 million, was too low and Flomerics had been fending off Mentor's bid. Autodesk briefly flirted with the idea of a competing bid, but quickly withdrew from the bidding.
Wally Rhines, Chairman and CEO of Mentor Graphics said that Flomerics' operations will be incorporated in the Systems Design Division headed by Henry Potts. The Electronics Thermal Analysis family of products will find a natural fit within the division. Given the Fourth of July holiday break it was not possible to determine Mentor's plans for the Engineering Fluid Dynamics and HVAC family of products.
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