Mentor Graphics Acquires Flomerics
Mentor Graphics has agreed to pay about $2.43 per share, or about $60 million, for Flomerics Group PLC.
Mentor's original offer of about $2.07 per share, or about $47.1 million, was too low, according to the board of Flomerics, which entered talks with Autodesk Inc.
Autodesk withdrew without making an offer and Mentor's higher bid apparently won the day.
Mentor is paying a 142 percent premium for Flomerics, based on the closing price right before it was announced Mentor had bought just more than 20 percent of Flomerics' shares from a German venture capital firm.
The $60 million purchase price represents a 37 percent premium over the closing price on May 8, the day before Mentor made its initial offer for the rest of Flomerics' shares.
Date: July 8, 2008