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Software | June 27, 2008

Flomerics rejects Mentor offer - again

Simulations software supplier Flomerics has again rejected an unsolicited offer by Mentor Graphics of 104 pence per share.

As issued in its defence document, the Flomerics Board states that the offer "does not reflect the true value of Flomerics and recommends that shareholders take no action in relation to it". However, the document also states, that the rejection reflects the Board's view of the fundamental value of the Company, which it believes is in excess of 104 pence per share and does not reject Mentor as a bidder. Additional to that, the company also stated that on 25 June 2008, discussions between Flomerics and Autodesk had been concluded and that Autodesk had decided not to make an offer for the Company at this stage.
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