Vishay says General Semiconductor starts change of control offer for 5¾% convertibles

New York, Dec. 7 - Vishay Intertechnology, Inc. said its General Semiconductor, Inc. unit has begun a change-of-control offer to buy for cash its outstanding 5¾% convertible subordinated notes due 2006.

General Semiconductor is offering par plus accrued interest.

The offer expires at 5.00 p.m. ET on Jan. 7, 2002 and notes tendered will be purchased on Jan. 10, 2002.

The company is offering to buy the notes because a change of control occurred under the terms of the indenture when Vishay, a Malvern, Pa. electronic components manufacturer, acquired General Semiconductor on Nov. 2.

General Semiconductor also announced a consent solicitation to amend the indentures so that the trustee is provided with Vishay financial statements instead of General Semiconductor statements.

The solicitation will expire when holders of a majority by principal amount of the notes accept or Jan. 7, 2002, whichever is earlier. If the proposed amendment becomes effective, General Semiconductor will make a consent payment of $1 per $1,000 principal amount of the notes.

The depositary for the offer and the consent solicitation is The Bank of New York (212 235-2353).

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