Morgan Stanley to aid Vishay Intertechnology in securing financing for International Rectifier deal

By Lisa Kerner

Charlotte, N.C., Sept. 15 - Vishay Intertechnology, Inc. said Morgan Stanley & Co. is working in conjunction with Bank of America to provide Vishay with financing commitments in connection with its proposed acquisition of International Rectifier Corp.

Morgan Stanley will also act as a financial adviser together with the company's lead adviser, Banc of America Securities LLC, according to a Vishay news release.

Vishay increased its offer to acquire International Rectifier to $23.00 per share, or approximately $1.7 billion, it was reported previously.

International Rectifier had rejected Vishay's prior all-cash offer to acquire the company for $21.22 per share. The company said it will review the latest offer and urged shareholders not to take any action.

Vishay is also seeking to make changes to International Rectifier's board and bylaws. The company said it intends to nominate three independent candidates for election to the International Rectifier board at the delayed 2007 annual meeting on Oct. 10, according to a prior news release.

In addition, Vishay will seek shareholder support to amend International Rectifier's bylaws. One amendment would require the company to hold its 2008 annual meeting by Dec. 21 for the purpose of electing class II directors.

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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