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Vishay concludes bid to gain IR

Posted: 15 Oct 2008 ?? ?Print Version ?Bookmark and Share

Keywords:bid conclude? shares terminated?

Vishay Intertechnology Inc. has terminated its offer to acquire all of the outstanding shares of International Rectifier Corp.'s common stock for $23.00 per share in cash and will be returning tendered shares to their holders.

Vishay issued the following statement:

"We thank the significant number of International Rectifier stockholders who supported our three nominees at International Rectifier's 2007 Annual Meeting and we share your disappointment with the outcome. As we have consistently said, we can not pursue our proposal in the face of opposition from a board of directors that has refused to engage in any discussion with us regarding our offer. We regret that International Rectifier stockholders will not be able to participate in what would have been a compelling opportunity to create significant value for them."

In August, Vishay launched an unsolicited offer to acquire IR. The IR board rejected the proposal, fighting to stay independent. Vishay however was undaunted. The company sweetened it original bid of $21.22 per share in cash to $23.00 early this month.

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