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WILSONVILLE, Ore., March 28 (UPI) -- Software company Mentor Graphics Corp. in Oregon said maverick investor Carl Icahn's $1.9 billion to buy the company undervalued the firm.
"Our board believes that the continued execution of our strategic plan offers the greatest value to Mentor shareholders and that it will drive further growth and continued success," Chief Executive Officer Wally Rhines said, The Portland Oregonian reported Monday.
The offer "undervalues the company and its future prospects," Mentor said.
The firm also said "regulatory risks" would stand in the way of the firm merging with either Cadence Designs Systems or Synopsys, which comprise the three largest companies that specialize in design automation, the newspaper said.
Icahn owns 15 percent of the company and has said it could be more efficient if it merged with one of its rivals.
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