Icahn letter highlights Mentor CEO's pay

EETimes (4/22/2011 9:10 AM EDT)

LONDON – Billionaire investor Carl Icahn has written an open letter to the shareholders of EDA software licensor Mentor Graphics Corp. attacking the performance of the board, highlighting the CEO's pay and arguing that a board including his nominees need not be focused solely on selling the company.

The letter is part of a battle for control being waged by Icahn and the current board of directors ahead of Mentor's annual shareholder meeting, currently set for May 12. The letter, calling for shareholders to vote for Icahn's three nominees to become directors of the company, follows on from the Mentor board's rejection of a $1.9 billion takeover bid from Icahn.

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