Tuesday, September 16, 2008
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.
Get More SocalTech Data
Try our two week free trial to find new tech customers, find high tech startups and jobs, find venture funding, and more!Learn More