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IR to review Vishay's unsolicited proposal

Posted: 20 Aug 2008 ?? ?Print Version ?Bookmark and Share

Keywords:rectifier? diode? power? manufacturing?

International Rectifier Corp. (IR) has announced that Vishay Intertechnology Inc. gave the company an unsolicited, nonbinding proposal of acquiring all of the outstanding shares of IR for $21.22 per share. Vishay noted its proposal will be subjected to strict diligence and other mandatory terms and conditions.

IR said its board of directors will review the proposal and will consult financial and legal advisers before giving its decision. The board seeks shareholders to wait until a decision has been made.

As part of its evaluation, the board will thoroughly review the prospects and potential of IR's current strategic plan, as well as the management's disclosed turnaround strategy and Vishay's nonbinding proposal. The Company said all correspondences from Vishay seeking certain claims against IR from the previous buyout of an IR unit to Vishay will be discussed thoroughly among the board, including the Company's recent SEC filings as well as an additional claim for rescission of the previous negotiation. IR is determined to dispute the claims and defend the company's reputation.





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