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Mentor Graphics Announces Repurchase of Shares from Icahn GroupFebruary 19, 2016 | PRNewswire
Estimated reading time: 1 minute
Mentor Graphics Corporation today announced that it has entered into an agreement to repurchase 8,060,145 shares of Mentor Graphics common stock beneficially owned by Carl C. Icahn and certain of his affiliates, at a purchase price of $18.12 per share, the NASDAQ official closing price of Mentor Graphics common stock on February 18, 2016. The total purchase price for the shares will be $146 million and will be funded from Mentor Graphics cash and cash equivalents on hand. The transaction is expected to be completed on February 26, 2016.
"Our decision to repurchase these shares reflects Mentor's belief in the value of our industry-leading technologies, new market franchises and strong financial position," said Walden C. Rhines, chairman and CEO of Mentor Graphics. "These positions provide us with a strong foundation to deliver long-term share value."
Inclusive of this transaction, since the third quarter of fiscal 2016 earnings release on November 19, 2015, Mentor Graphics has repurchased approximately 12.2 million shares, approximately 10 percent, of our fully diluted shares outstanding.
The repurchase announced today was made outside of Mentor Graphics' existing share repurchase program and approximately $90 million remains available for repurchase under this program.
The company anticipates announcing financial results for its fiscal year ended January 31, 2016 in early March and will discuss current share count and earnings per share guidance at the time of the earnings release and conference call.
About Mentor Graphics
Mentor Graphics Corporation is a world leader in electronic hardware and software design solutions, providing products, consulting services and award-winning support for the world's most successful electronic, semiconductor and systems companies. Established in 1981, the company reported revenues for the fiscal year ending January 31, 2015, of approximately $1.2 billion. Corporate headquarters are located at 8005 S.W. Boeckman Road, Wilsonville, Oregon 97070-7777. For more information, click here.
Zhen Ding Technology Holding Ltd, a Taiwan-based company engaged in the design, development, and manufacturing of printed circuit board (PCBs) including rigid PCBs, flex PCBs, HDIs, substrate-like PCBs (SLP), and rigid-flex PCBs, has posted sales of NT$13.78 billion ($429.15 million at $1:NT$32.12) for August 2023, up by 33.7% from the previous month. Year-on-year, the company’s August revenue was down by just 16.65%.
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indie Semiconductor, an Autotech solutions innovator, announced it has entered into a definitive agreement and completed the acquisition of privately held EXALOS AG, a Swiss photonics company, specializing in the design of high-performance optical semiconductors.
Nan Ya Printed Circuit Board Corp. (Nan Ya PCB), a manufacturer of single-sided PCBs, HDI PCBs, and rigid-flex PCBs based in Taiwan, has posted unaudited sales of NT$3.37 billion ($105.52 million at $1=NT$31.97) for August 2023, up by 1.2% from the previous month, but down by 41.4% year-on-year.