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Vishay offers $1.6 billion for International Rectifier
(Reuters) - Semiconductor maker Vishay Intertechnology Inc (VSH.N) said it offered to buy International Rectifier Corp (IRF.N) for $1.6 billion in cash, sending International Rectifier's shares up as much as 20 percent.
The offer of $21.22 per share is a 13 percent premium over International Rectifier's closing price of $18.82 on Thursday.
Vishay said in a statement that the offer was also a 20 percent premium over International Rectifier's 30-day moving average of $17.69.
Shares of International Rectifier, a maker of power semiconductors, had lost half of their value in the last year before the announcement.
Many small and medium-sized chip makers, with engineering expertise or proprietary technologies, have been cited as potential acquisition targets for big companies looking to expand their businesses.
Shares of Vishay Intertechnology were down 5 percent at $9.66 in early trading on the New York Stock Exchange.
(Reporting by Eric Yep in Bangalore; Editing by Bernard Orr)
