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SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934
Filed by the Registrant / /
Filed by a Party other than the Registrant /X/
Check the appropriate box:
/ / Preliminary Proxy Statement
/ / Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
/ / Definitive Proxy Statement
/X/ Definitive Additional Materials
/ / Soliciting Material Pursuant to Section240.14a-11(c) or
Section240.14a-12
QUICKTURN DESIGN SYSTEMS, INC.
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(Name of Registrant as Specified In Its Charter)
MENTOR GRAPHICS CORPORATION
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
/X/ No fee required.
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and 0-11.
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DELAWARE CHANCERY COURT STRIKES DOWN QUICKTURN
POISON-PILL PROVISION; DECISION CLEARS THE WAY FOR MENTOR
GRAPHICS' TENDER OFFER TO MOVE FORWARD
-- MENTOR CALLS ON QUICKTURN BOARD TO SIT DOWN AND NEGOTIATE AN
AGREEMENT WITH MENTOR; CHALLENGES QUICKTURN BOARD TO STOP IGNORING THE
WILL OF THE MAJORITY OF ITS STOCKHOLDERS --
WILSONVILLE, OR, DECEMBER 3, 1998 -- Mentor Graphics Corporation (Nasdaq: MENT)
announced today that the Delaware Court of Chancery has invalidated the deferred
redemption provision of Quickturn Design Systems, Inc.'s poison pill. The
decision clears the way for the vote by Quickturn stockholders at a special
meeting on January 8, 1999.
The Court determined that the Quickturn directors breached their fiduciary
duties to Quickturn stockholders by amending Quickturn's poison pill in an
attempt to defeat the $12.125 per share, all-cash offer commenced by Mentor on
August 12, 1998. In finding that the Quickturn directors breached their
fiduciary duties, the Court stated that the Quickturn directors were "unable to
articulate a cogent reason" why they adopted the deferred redemption provision.
Gregory K. Hinckley, Executive Vice President, Chief Operating Officer and Chief
Financial Officer of Mentor Graphics, said: "The decision clears the way for
our all-cash, premium offer to move forward. Quickturn stockholders now have the
opportunity to elect a new Board that can remove the remaining impediments to
the completion of Mentor's offer."
Mentor added that it remains ready to negotiate with the Quickturn Board. Mr.
Hinckley said: "Now is the time for the Quickturn Board to sit down and
negotiate an agreement with Mentor. Quickturn's stockholders should be outraged
that the Quickturn Board has decided to appeal the decision and thereby continue
to blatantly ignore the will of the majority of the company's stockholders who
have tendered their shares to Mentor's offer. If the Quickturn Board continues
to waste more of their stockholders' money, instead of negotiating with Mentor,
we urge the stockholders to elect Mentor's slate of directors at the January 8,
1999 special meeting."
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Mentor expects that if the nominees are elected, the new directors, subject to
their fiduciary duties to all Quickturn stockholders, will take the steps
necessary to facilitate the stockholders' ability to accept Mentor's $12.125 per
share all-cash offer.
The special meeting of Quickturn stockholders that Mentor had called for
December 11, 1998 will now be held on January 8, 1999, as a result of the Court
upholding Quickturn's bylaw amendments setting the date for a special meeting.
The record date for the special meeting is November 10, 1998. Mentor expects to
send supplemental proxy materials to all record holders shortly. Mentor added
that it presently does not intend to appeal the decision.
Mentor's Offer to Purchase, proxy solicitation materials and related documents
are available on a Mentor World Wide Web site at http://www.mentorg.com/file.
The Dealer Manager for the Offer is Salomon Smith Barney. The Information
Agent for the Offer is MacKenzie Partners, Inc., which can be reached toll-free
at 800-322-2885 or by collect call at 212-929-5500.
Contacts: Ry Schwark Todd Fogarty/Roy Winnick
Director of Public Relations Kekst and Company
503/685-1660 212/521-4800
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