Mentor Graphics has turned down Carl Icahn’s offer to buy the company at around $1.9 billion, The Wall Street Journal reports. The U.S. chip-design company has also rejected the idea of holding an open auction for a company sale.
The offer by Icahn, who holds about 14.7% of Mentor’s shares, was believed to undervalue the Oregon-based company. Mentor has appointed Goldman Sachs as advisor.
Click here for the story from The Wall Street Journal.
Click here for additional coverage from Reuters.