International Rectifier (IRF) Rejects Offer From Vishay Intertechnology (VSH)

August 29, 2008 8:32 AM EDT

International Rectifier Corporation (NYSE: IRF) has unanimously determined that the unsolicited, non-binding proposal by Vishay Intertechnology, Inc. (NYSE: VSH) to acquire all of the outstanding shares of International Rectifier for $21.22 per share in cash is not in the best interests of IR and its shareholders.

The Board reviewed the proposal with the assistance of its financial and legal advisers Goldman, Sachs & Co. and Fried, Frank, Harris, Shriver & Jacobson LLP, respectively.

Richard J. Dahl, Chairman of the Board of International Rectifier said: “Vishay’s proposal significantly undervalues the Company and its future prospects when compared to the shareholder value realizable under our recently adopted strategic plan. On August 1, we announced that the Company had successfully completed the restatement process of prior financial periods. The Company has also added considerable strength and depth to its senior management team during the past year and is poised to enhance its competitive position in the marketplace.

International Rectifier Corporation (IR) designs, manufactures and markets power management semiconductors. [SM]

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