Activist investor, Carl Icahn, has placed a bid worth $1.86 billion for Mentor Graphics, Bloomberg reports. Icahn, Mentor’s biggest shareholder with a 14.7% stake, offered $17 a share for the Oregon-based company. Mentor may also receive bids from peers, Synopsis, Parametric Technology and Cadence Design Systems, adds Reuters. Hedge fund, Casablanca Capital, owns 5.5% and Harris Associates holds a 3.7% stake in Mentor.

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