Friday May 9, 09:09 AM
Flomerics rejects 104p Mentor bid
LONDON (ShareCast) - Flomerics (LSE: FLO.L - news) has rejected a 104p per share cash offer from Mentor Graphics (NASDAQ: MENT
- news) , saying it undervalues the simulation software specialist.The group said it intends to analyse other alternatives available, including potential interest expressed by a number of other parties. "The offer was considered by the board of Flomerics, in conjunction with its independent advisers, and it was unanimously concluded that this offer, which is unsolicited, does not reflect the true value of Flomerics shares," said chairman David Mann. "As such, the offer does not carry the recommendation of the Flomerics board of directors as, at this stage, we do not believe it is in the best interests of Flomerics shareholders," he added.
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