Mentor to shareholders: Reject Icahn's nominees

NEWYORK: Chip-design software maker Mentor Graphics Corp urged its shareholders to reject billionaire activist Carl Icahn's nominees to its board.

On February 11, Icahn, who holds almost a near-15 per cent stake in Mentor, nominated three individuals to its board.

Later last month, he offered to buy out the company for about $1.73 billion in hopes of a better offer from strategic investors such as bigger rival Synopsys Inc.

In a regulatory filing that provides shareholders with information to make an informed vote on a contested takeover bid, Mentor asked shareholders to vote against Icahn's proposals that are not recommended by the board.

In a separate filing, the company said it amended some of its bylaws, affecting special meeting of shareholders and the size of the board.