Component manufacturer Vishay Intertechnology has announced that a wholly-owned subsidiary has commenced a tender offer to acquire all of the outstanding shares of common stock of International Rectifier Corporation for $23 per share in cash. Vishay was not successful in persuading the Board of International Rectifier to agree to the business combination that Vishay Intertechnology had proposed this past August. The tender offer will expire at midnight New York City Time, on October 27, 2008. The $23 price represents a premium over International Rectifier’s average closing price for the 30 trading days preceding Vishay’s August 15, 2008 acquisition proposal. Essentially, Vishay is making its pitch directly to the shareholders. Dr. Felix Zandman, founder and Executive Director of Vishay, said, “We are confident that International Rectifier’s stockholders, the owners of the company, will recognize the full, fair, and immediate value of our $23 per share offer.”See the announcement on the Vishay Intertechnology website.
Vishay Launches Tender Offer for Outstanding Shares of International Rectifier
