Casablanca Capital withdrew its Mentor Graphics board nominees, instead endorsing the nominees set out by Carl Icahn.
Casablanca is an investment fund that’s challenging Mentor Graphics Corp.
Casablanca believes “that to avoid shareholder confusion that could arise from multiple nominations, and to create the most efficient process for electing nominees to the Board, it is in the best interests of all shareholders that only one group of shareholders nominate a competing slate of nominees for election to the Board,” the firm wrote in a regulatory filing this morning.
By pulling its nominees, Casablanca eliminated the possibility that six outside nominees could take over Mentor’s eight-member board.
Read more at OregonLive.com.