October 11, 2008 |
International Rectifier Corp. said shareholders rejected a slate of directors proposed by spurned suitor Vishay Intertechnology Inc. Investors at International Rectifier's annual meeting elected three incumbents to the board, the El Segundo-based company said, citing preliminary results. International Rectifier has rejected two unsolicited bids by Vishay since August, the latest for $23 a share, or $1.7 billion. Vishay is based in Malvern, Pa.
September 17, 2008 |
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.
September 11, 2008 |
Chip maker Vishay Intertechnology Inc. said Wednesday that it had raised its all-cash bid for power management chip maker International Rectifier Corp. and would take the $1.7-billion offer directly to shareholders. Vishay raised its bid to $23 a share, from the $21.22 it offered in August. International Rectifier had rejected the previous offer as too low and not in shareholders' best interests. A spokesman said Wednesday that the company had no immediate comment. Vishay values the new offer at about $1.7 billion, up from $1.6 billion.
August 30, 2008 |
International Rectifier Corp., whose semiconductors help machines use less power, has rejected a $1.6-billion takeover offer from Vishay Intertechnology Inc., saying it was worth more and could do better on its own. Managers hired in the last year, including Oleg Khaykin as chief executive, will help International Rectifier rebound, Chairman Richard Dahl said in a statement Friday. Vishay's offer, made Aug. 15, valued each share at $21.22, a 13% premium over the previous day's closing price.
October 3, 2007 |
The chief executive of International Rectifier Corp. resigned Tuesday, becoming the third and highest-ranking executive to leave the El Segundo-based company amid an internal investigation of accounting irregularities. The semiconductor company, whose energy-saving chips can be found in Sony's PlayStation 3 video game console, had placed CEO Alex Lidow on leave Aug. 30. Company spokesman Graham Robertson declined to state a reason for Lidow's departure.
August 31, 2007 |
International Rectifier Corp., an El Segundo-based chip maker, said Thursday that Chief Executive Alex Lidow had been placed on paid leave pending completion of an internal investigation into accounting irregularities. General Counsel Donald Dancer was named acting CEO. The move followed the dismissal in July of the company's chief financial officer.