Vishay Intertechnology has ended its attempts to acquire International Rectifier.

Terminating its offer to acquire all outstanding IR shares for $23 per share, Vishay said in a short statement that it will be returning tendered shares to their holders.

The announcement comes after Vishay's three nominations to IR's board were voted down on Friday and concludes a months-long running drama between the two companies that started when IR received an unsolicited $1.6 billion acquisition bid from Vishay in August. After that bid was rejected by IR, Vishay raised its bid to $1.7 billion and launched a $23 per share tender offer to IR stockholders.

"As we have consistently said, we can not pursue our proposal in the face of opposition from a board of directors that has refused to engage in any discussion with us regarding our offer," Vishay said in a statement yesterday.

"We regret that International Rectifier stockholders will not be able to participate in what would have been a compelling opportunity to create significant value for them."

El Segundo, California-based Vishay further claimed a "significant number" IR's stockholders supported its three nominees at IR's 2007 annual meeting last week.

Malvern, Pa-based IR has consistently maintained since August that Vishay's bids did not fully value its stock's future potential or the synergies Vishay would gain from such an acquisition. Financial analysts agreed with IR, stating that Vishay's bids were too low and that such a deal was unlikely to happen.

By Suzanne Deffree, Managing Editor, News - Electronic News

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