Activist investor Carl Icahn, who is trying to take control of Mentor Graphics Corp , said the chip-design software maker's plan to issue convertible debt made an acquisition more difficult. Earlier on Tuesday, Mentor Graphics said it plans to issue $220 million in debentures that could be converted into stock, and would use the proceeds to buy back $25 million in shares and repay some debt. "The continual dilution of the Mentor Graphics common stockholder appears to be business as usual for the company," Icahn said in a strongly-worded letter to its board.
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