Chip manufacturing equipment maker Cadence Design says it has proposed to buy Mentor Graphics, a maker of electronics testing software, for $16 per share.

Based on Mentor’s shares outstanding as of June 2, the deal would be worth $1.45 billion.

San Jose, Calif.-based Cadence Design Systems Inc. says the offer is not subject to any financing condition. The per-share price represents a nearly 30 percent premium over Mentor’s closing stock price on Monday.

Cadence says it first made the proposal to Wilsonville, Ore.-based Mentor Graphics Corp. on May 2. A combined company, Cadence says, would offer a broader range of products.