News vFinal DR 30/6/08 12:52 Page 8
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NEWS DESK
Mentor Graphics
rejects Cadence
CADENCE DESIGN SYSTEMS announced that it proposed to
acquire Mentor Graphics Corporation for $16.00 per share in
cash. The transaction is valued at $1.6 billion.
“A combined Cadence/Mentor will offer customers a broader
and more fully integrated product and technology portfolio in a
timeframe that better enables them to address urgent and
complex challenges associated with their next generation product
development,” said Michael J. Fister, president and chief
executive officer of Cadence.
In a letter sent to Mentor Graphics, Fister states his
disappointment over the unwillingness of Mentor Graphics to
participate in discussions, despite Cadence’s increased efforts,
about the acquisition. The proposal has been made public by
Cadence due to the apparent reluctance of Mentor Graphics to
consider the offer. Mentor Graphics responded and acknowledged
the receipt of an unsolicited proposal by Cadence.
“As we recently indicated to Cadence, we reviewed Cadence’s
proposal and analysed both the price proposed and the risks
associated with obtaining antitrust approval for a combination
between the companies, said Walden C. Rhines, chairman and
CEO of Mentor Graphics. “Following this review, we concluded
that not only was the price insufficient to support a transaction
but that the risks of not gaining regulatory approval were
sufficiently high that the ability of the parties to consummate the
transaction would be in jeopardy. For these and other reasons,
our Board unanimously rejected the proposal.”
Quad core solar cells?
TO SPUR new development and demand for renewable energy
sources, Intel is spinning off key assets of a start up business
inside Intel’s New Business Initiatives group to form an
independent company called SpectraWatt Inc. Intel Capital is
leading a $50 million investment round in SpectraWatt and is
joined by Cogentrix Energy, LLC, a wholly owned subsidiary of
The Goldman Sachs Group, Inc., PCG Clean Energy and
Technology Fund (CETF) and Solon AG.
SpectraWatt will manufacture and supply photovoltaic cells
to solar module makers. In addition to focusing on advanced
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solar cell technologies, SpectraWatt will concentrate
development efforts on improvements in current manufacturing
processes and capabilities to reduce the cost of photovoltaic
energy generation. SpectraWatt expects to break ground on its
manufacturing and advanced technology development facility in
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Oregon in the second half of 2008 with first product shipments
expected by mid 2009.
“SpectraWatt is a great example of technology resulting
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from entrepreneurial efforts inside Intel,” said Arvind Sodhani,
president of Intel Capital and Intel executive vice president.
“This is an important investment for Intel Capital in the growing
cleantech sector and we look forward to working with the
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company to support its expansion.”
“The formation of SpectraWatt is an important step forward
in the renewable energy market,” said Andrew B. Wilson,
SpectraWatt CEO and former general manager in the Intel New
Business Initiatives group.
“We are very proud to be part of this exciting new venture,”
said Thomas Krupke, Solon AG, CEO. “With the experience and
commitment of all companies involved, we are confident to reach
our common goal, advancing solar technology to a new stage.”
www.euroasiasemiconductor.com July 2008
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