Mentor Graphics Corp, a company that makes software for designing semiconductors, is working with Bank of America Corp to explore strategic alternatives, including a potential sale, according to people familiar with the matter.
Mentor has been under pressure since activist hedge fund Elliott Management Corp reported an 8.1 percent stake in the company last month and said its shares were deeply undervalued. As part of the sale process, Mentor may reach out to major industrial companies with software operations, such as Siemens AG and Dassault Systemes SA, as well as private equity firms, to gauge potential acquisition interest, one of the people said.
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