MALVERN, PA. — Chip maker Vishay Intertechnology Inc. said Monday that it had dropped its offer to buy El Segundo-based International Rectifier Corp.'s outstanding shares for $23 apiece.
Vishay shares shot up $1.01, or 23%, to $5.40. International Rectifier shares also rose, gaining $1.49, or 10.7%, to $15.46.
Malvern, Pa.-based Vishay said in a statement that it couldn't continue with its bid to buy the company "in the face of opposition from a board of directors that has refused to engage in any discussion with us regarding our offer."
