Vishay Goes Hostile

Vishay Intertechnology (VSH) today announced that it will press on with its $23-a-share cash offer for International Rectifier (IRF) despite the latest rejection of the offer.

This morning, International Rectifier issued a statement rejecting the bid, which it says “significantly undervalues the future prospects of the Company.”

Vishay says IRF “has left us no alternative but to present our increased all-cash premium proposal directly to the International Rectifer stockholders.” The company has proposed three nominees for the IRF board election, which is to be held at an annual meeting Oct. 10.

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