(Reuters) - Mentor Graphics Corp said a takeover proposal by investor Carl Icahn undervalues the chip-design software maker, and this is not the time to put the company up for sale.
"Our share price has grown by more than 70 percent over the last year, for a two-year aggregate growth of approximately 200 percent, significantly outperforming our peer group and the market," Chief Executive Walden Rhines said in a statement on Monday.
The company said it determined that Icahn's $17 per share proposal undervalues the company.
It said the board remains open to proposals from third parties that "enhance shareholder value," but has determined that it is not the right time to sell the company.
(Reporting by Swati Chitnis in Bangalore)