International Rectifier has received an unsolicited, non-binding proposal from Vishay Intertechnology to acquire all of the outstanding shares of International Rectifier for $21.22 per share in cash. As noted by Vishay, its proposal is subject to due diligence and other customary terms and conditions.
International Rectifier says that its board of directors will evaluate the proposal in consultation with its financial and legal advisers, and make a determination in due course. The Board urges shareholders to take no action until that determination has been made.
As part of its evaluation, the board will thoroughly review the prospects and potential of IR’s current strategic plan, including management’s recently disclosed turnaround strategy and the nature and terms of Vishay’s non-binding proposal. The company also notes that it has received correspondence from Vishay setting out certain claims against IR arising from the prior sale of an IR unit to Vishay as discussed more fully in the company’s recent SEC filings as well as an additional claim for rescission of the prior transaction. IR intends to vigorously dispute and defend these claims.