It’s one thing when one high-profile corporate raider wants a piece of you. But three?

That’s the queasy situation Mentor finds itself in today. The company’s board, which fended off Cadence a couple years ago, is now fighting for its life, having incurred the ire of two of its major shareholder groups by switching the date of its annual meeting, thus making it difficult for the dissidents to propose their own slates of directors. And they aren’t the only ones who could make life difficult for the EDA software company.

It’s never good to be in the middle of a battle with shareholders whose funding and access to capital is several times greater than yours. It’s especially not good when you have lost a net $65 million over three years and are seen as a bountiful treasure chest that just needs unlocking.

For 18 years Wally Rhines has been a steady hand at the helm of Mentor. Sadly, it’s looking more and more likely he won’t make it to 19.