Mentor Graphics Sued For Rejecting Icahn's $1.9B Bid

Law360, New York (April 8, 2011, 2:14 PM EDT) -- Mentor Graphics Corp. is facing a putative class action in Oregon from shareholders angered by the company's rejection of financier Carl Icahn's $1.9 billion offer for the company, according to a regulatory filing Thursday.

The lawsuit, filed in the Circuit Court of the State of Oregon for the County of Multnomah, aims to force Mentor Graphics to negotiate with Icahn and claims that its board breached its fiduciary duty by adopting an incentive stock purchase rights plan, or “poison pill,” in June that effectively blocked Icahn's...
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