Vishay says wants to buy International Rectifier for $1.6 billion

By Lisa Kerner

Charlotte, N.C., Aug. 15 - Vishay Intertechnology, Inc. said it made a non-binding proposal to acquire all of the outstanding shares of International Rectifier Corp. for $21.22 per share in cash, or a total of $1.6 billion.

The per-share offer price is approximately a 13% premium over the International Rectifier's closing stock price of $18.82 on Aug. 14 and a 20% premium over its 30-day moving average of $17.69, a Vishay news release noted.

Vishay added that the proposal is subject to diligence and other customary conditions.

International Rectifier said that its board of directors will evaluate the proposal in consultation with its financial and legal advisers and make a determination in "due course."

Shareholders were urged to refrain from taking any action at this time, the International Rectifier news release said.

In addition, International Rectifier stated it would "vigorously dispute and defend" Vishay's claims relating to a prior sale of an International Rectifier unit to Vishay. Vishay had sent a letter outlining the claims, according to International Rectifier.

International Rectifier is a power management technology company located in El Segundo, Calif.

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

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