Cadence Design Systems Makes Bid For Mentor Graphics

San Jose-based Cadence Design Systems said today that it has made a $1.6B offer for Oregon-based EDA software firm Mentor Graphics. Cadence said that it has offered Mentor Graphics $16.00 per share for the firm, which develops electronic design automation software for the electronics industry. Mentor Graphics responded Tuesday afternoon, saying that it has rejected the offer, citing both the price and risk of not getting the deal approved through antitrust regulators. Cadence Design Systems said that it is using Deutsche Bank Securities Inc. as a financial advisor and Davis Polk & Wardwell as legal counsel.