International Rectifier rejects Vishay Intertechnology's unsolicited proposal

By Lisa Kerner

Charlotte, N.C., Aug. 29 - Vishay Intertechnology, Inc.'s $21.22-per-share offer for International Rectifier Corp. is not in the best interest of the company or its shareholders, International Rectifier's board determined.

International Rectifier's board of directors reviewed the proposal with the assistance of its financial and legal advisers Goldman, Sachs & Co. and Fried, Frank, Harris, Shriver & Jacobson LLP, a company news release said.

"Vishay's proposal significantly undervalues the company and its future prospects when compared to the shareholder value realizable under our recently adopted strategic plan," chairman Richard J. Dahl said in the release.

On Aug. 15, Vishay announced it had made a non-binding proposal to acquire all of the outstanding shares of International Rectifier for a total of $1.6 billion.

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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