Vishay Intertechnology has terminated its offer to acquire International Rectifier. The company cited IRs Board of Directors refusal to hold discussions concerning its offer as the reason for terminating its planned offer of $23.00 per share in cash for the company.
Vishay issued the following statement:
“We thank the significant number of International Rectifier stockholders who supported our three nominees at International Rectifier’s 2007 Annual Meeting and we share your disappointment with the outcome. As we have consistently said, we can not pursue our proposal in the face of opposition from a board of directors that has refused to engage in any discussion with us regarding our offer. We regret that International Rectifier stockholders will not be able to participate in what would have been a compelling opportunity to create significant value for them.”