Vishay Intertechnology Inc., a maker of electronic components for automobiles, said it planned to buy $1.7 billion in International Rectifier Corp. stock from shareholders after the El Segundo company rejected its sweetened bid.
Vishay said it would go directly to stockholders with its $23-a-share tender offer after International Rectifier rebuffed the Malvern, Pa., company for a second time.
International Rectifier turned down Vishay's first offer of $21.22, or $1.6 billion, last month, and said the latest offer "significantly undervalues" the company.
Vishay stock slid 12 cents to $7.11. International Rectifier rose 20 cents to $21.48.