Vishay withdraws bid for International Rectifier

By Lisa Kerner

Charlotte, N.C., Oct. 13 - Vishay Intertechnology, Inc. terminated its offer to acquire International Rectifier Corp. for $23 per share.

Tendered shares will be returned to their holders, according to a Vishay news release.

On Sept. 29, a Vishay subsidiary began a cash tender offer for the El Segundo, Calif., power management technology company. The offer was scheduled to end at midnight ET on Oct. 27.

"As we have consistently said, we cannot pursue our proposal in the face of opposition from a board of directors that has refused to engage in any discussion with us regarding our offer," Vishay said.

"We regret that International Rectifier stockholders will not be able to participate in what would have been a compelling opportunity to create significant value for them," the Vishay statement said.

International Rectifier announced that its full slate of directors was elected at its annual meeting on Friday over Vishay's slate of three nominees.

"We are optimistic about the future growth opportunities for our business, and we will remain focused on executing our strategic roadmap to create value for our shareholders," International Rectifier chairman Richard J. Dahl said in a company news release.

Vishay is a Malvern, Pa.-based manufacturer of discrete semiconductors and passive electronic components.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.