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Vishay completes acquisition of Siliconix common stock

Posted: 17 May 2005 ?? ?Print Version ?Bookmark and Share

Keywords:siliconix?

Vishay Intertechnology Inc. has acquired 4.5 million additional shares of Siliconix Inc., boosting its total ownership of Siliconix common stock to 95 percent.

In acquiring 77 percent of the shares of Siliconix common stock that it did not already own, Vishay satisfied the minimum condition established by its March 3 tender offer on all outstanding Siliconix common stock shares. Vishay said it would issue 3.075 shares of its common stock for each share of Siliconix common stock tendered, a total of nearly 13.9 million shares.

Vishay said it would merge Siliconix with a subsidiary of Vishay, creating a wholly owned subsidiary. Siliconix shareholders who did not accept Vishay's tender off will also receive 3.075 shares of Vishay common stock for each share of Siliconix common stock, Vishay said.

Despite the acquisition of most of Siliconix' outstanding common shares, Vishay still faces a pending legal challenge from a group of investors in California Superior Court. According to James Hennefer, attorney for the unspecified number of shareholders involved in the litigation, the group will continue to prosecute its case seeking damages and injunctive relief for alleged wrongdoing by Vishay since it acquired the majority of Siliconix in 1998.

- Dylan McGrath

EE Times





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