Billionaire Icahn Goes For Mentor Graphics' (MENT) Jugular
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You knew it was going to happen, but when was the question.
Well today, activist investor Carl Icahn answered that question and hammered into Mentor Graphics' (Nasdaq: MENT). He is now seeking a number of board seats and wants the company sold.
In an amended 13D filing this morning, Icahn, a 14.7% shareholder, called news that the company will hold its 2011 annual meeting six weeks earlier than last year a "hostile and unprovoked defensive tactic." Icahn explained that the date left shareholders just 10 days to nominate a dissident slate.
In response, Icahn said he will nominate three individuals for election to the board. Icahn also said he reserves the right to nominate a different amount, up to a full slate.
Going a step further, Icahn discussed the situation on CNBC this afternoon on Strategy Session. On the show Icahn said the company should be put up for sale and said a "strategic acquirer should find extremely attractive the fact that the Company spent $407 million on SG&A ($313 million on marketing and selling expenses and $94 million on G&A) over the last twelve months (according to its publicly filed quarterly and annual reports) and that there were approximately 110 million shares outstanding as of December 3, 2010."
In addition to Icahn, Donald Drapkin of Casablanca Capital is seeking his own slate of Directors. The two are seeking directors separately, although they agree on the issues at the company.
Well today, activist investor Carl Icahn answered that question and hammered into Mentor Graphics' (Nasdaq: MENT). He is now seeking a number of board seats and wants the company sold.
In an amended 13D filing this morning, Icahn, a 14.7% shareholder, called news that the company will hold its 2011 annual meeting six weeks earlier than last year a "hostile and unprovoked defensive tactic." Icahn explained that the date left shareholders just 10 days to nominate a dissident slate.
In response, Icahn said he will nominate three individuals for election to the board. Icahn also said he reserves the right to nominate a different amount, up to a full slate.
Going a step further, Icahn discussed the situation on CNBC this afternoon on Strategy Session. On the show Icahn said the company should be put up for sale and said a "strategic acquirer should find extremely attractive the fact that the Company spent $407 million on SG&A ($313 million on marketing and selling expenses and $94 million on G&A) over the last twelve months (according to its publicly filed quarterly and annual reports) and that there were approximately 110 million shares outstanding as of December 3, 2010."
In addition to Icahn, Donald Drapkin of Casablanca Capital is seeking his own slate of Directors. The two are seeking directors separately, although they agree on the issues at the company.
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