Mentor Graphics (MENT) Hires Advisor to Review Alternatives, Including Sale - Source

October 13, 2016 1:56 PM EDT

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Mentor Graphics (NASDAQ: MENT) has hired a financial advisor to review strategic alternatives, including a possible sale, amid pressure from activist investor Elliott Management, according to a source.

In late September, Elliott disclosed an 8.1% activist stake in Mentor, saying the shares were undervalued.

One idea that is being floated is another go at a tie-up with Cadence Design Systems (NASDAQ: CDNS).

In 2008, Cadence Design made a $16/share offer to acquire Mentor Graphics but later withdrew the offer as Mentor was unwilling to engage in 'substantive discussions'.

Neither Mentor or Elliott have responded to questions about the potential sale.

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