China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
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)
