Vishay raises offer for International Rectifier
NEW YORK (AP) _ Chip maker Vishay Intertechnology Inc. said Wednesday it has raised an all-cash bid to buy to buy power management chip maker International Rectifier Corp. and will take the $1.7 billion offer directly to shareholders.
Vishay raised its bid to $23 per share, up from the $21.22 it offered in August.
International Rectifier had rejected the previous offer as too low and not in shareholders' best interests.
The company values the new offer at about $1.7 billion, up from $1.6 billion. The new bid represents a 9 percent premium to International Rectifier's closing price on Tuesday.
In morning trading, International Rectifier shares rose $1.45, or 6.9 percent, to $22.55.
Vishay said it plans to begin a tender offer for the company's shares "shortly."
"Our increased all-cash proposal provides International Rectifier's stockholders with an opportunity to realize significant premium value for their investment (in the company)," said Felix Zandman, Vishay's founder and executive chairman, in a statement.
He added that the combined company would offer customers a broader range of technology products.
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