UPDATE 1-Vishay starts tender offer for International Rectifier
(Recasts; adds details, share movement)
Sept 29 (Reuters) - Semiconductor maker Vishay Intertechnology Inc (VSH.N) said it began a tender offer to acquire all of International Rectifier's (IRF.N) common stock for $23 a share in cash, days after the company rejected Vishay's revised offer.
The tender offer will expire at midnight on Oct. 27, unless extended.
On Sept.16, International Rectifier Corp (IRF.N) rejected Vishay Intertechnology Inc's (VSH.N) sweetened offer of $23 per share, saying it undervalued the company.
The all-cash premium offer provides International Rectifier shareholders superior value to what the company can achieve on its own in the future, Chairman Felix Zandman said in a statement.
Vishay also urged International Rectifier's stockholders to vote for its three independent director nominees and the proposed amendments to International Rectifier's bylaws at the annual general meeting on Oct. 10.
Shares of Vishay were trading down 43 cents at $6.38, while those of International Rectifier were trading up 17 cents at $19.87 Monday on the New York Stock Exchange. (Reporting by Sandhya Menon in Bangalore; Editing by Amitha Rajan)
