Notable Mergers and Acquisitions of the Day 6/18 (CDNS/MENT, MEDE, ANW)
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- Notable Mergers and Acquisitions of the Day 6/18 (CDNS/MENT, MEDE, ANW)
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- Cowen & Co comments on recent M&A activity after Cadence Design Systems' (Nasdaq: CDNS) $16 per share offer for Mentor Graphics (Nasdaq: MENT) was rejected.
The firm said it may be hard for Mentor Graphics to fend off Cadence Design, especially if Cadence can raise the bid. They said Cadence could pay $20 per share for Mentor and make it work. They also expect a deal to pass anti-trust.
The firm said a counter bid for Mentor Graphics from Synopsys (Nasdaq: SNPS) seems unlikely, but remains a possibility.
Cowen said Mentor Graphics brings to the table a large direct sales and support channel, which creates a lot of financial leverage. Cowen said the jewel in the Mentor Graphics' portfolio is its Caliber physical verification offering and its strong position in the Design For Manufacturing market, where Cadence is weak.
Cowen has a Neutral rating on Cadence Design.
- MEDecision, Inc. (Nasdaq: MEDE) reached a merger agreement pursuant to which Health Care Service Corporation, which operates Blue Cross and Blue Shield plans in Illinois, New Mexico, Oklahoma and Texas, will acquire all of the outstanding shares of MEDecision common stock for $7.00 per share in cash.
Shares of MEDecision closed at $1.71 yesterday.
- Aegean Marine Petroleum Network Inc. (NYSE: ANW), an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea, announced that it has entered into an agreement to acquire Vancouver-based ICS Petroleum, a leading marketer and physical supplier of marine fuel in Canada and Mexico. The acquisition, which is subject to normal closing conditions, is scheduled to close in July 2008.
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