Flomerics bidder Mentor has rejected an offer from Cadence Design Systems Inc.
Cadence offered $16/share for Mentor Graphics. Mentor said the price was too low and there was a risk that the deal wouldn’t gain regulatory approval.
Flomerics points out that the bid valued Mentor at 1.8 times historic revenue, whereas Mentor’s bid for Flomerics valued it at 1.2 times historic revenues. The AIM company’s management believes that this reinforces their own rejection of Mentor’s bid.
This left the shares unmoved at 109.5p, valuing Flomerics at £25.2m.
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