International Rectifier Rejects Takeover Bid

El Segundo-based International Rectifier said this morning that it has rejected a revised takeover bid from Vishay, saying that Vishay's $23.00 per share offer for the firm "significantly undervalues the future prospects of the Company." IR had originally received a $1.6 billion, unsolicited offer from Vishay in early August for the company. IR said in a statement that it believes Vishay's offer is "not in the best interests of Interntional Rectifier and its stockholders." In addition to the unsoliticited offer, Vishay has launched a proxy contest to replace three of IR's independent directors.