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Posted AT 7:56 AM EST on 17/06/08

Cadence launches hostile bid for Mentor

Reuters

NEW YORK — Cadence Design Systems Inc. said Tuesday it offered to buy rival software maker Mentor Graphics for $16 (U.S.) a share, in an unsolicited deal with an enterprise value of $1.6-billion. Cadence, a maker of software for designing microchips, said the all-cash proposal represents a 30 per cent premium over Monday's closing price for Mentor, which supplies software used to design electronic circuitry.

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