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International Rectifier Corp & Vishay Intertechnology Inc	Update Date: 10/07/08
Date Announced: 08/15/08
Value (million $USD): 1.68 billion U.S. Dollar

Status: Pending

TRANSACTION DETAILS
Date Announced	08/15/08
Date Originally Announced	08/15/08
Format	Merger	Acquisition techniques	Tender Offer; Tender/Merger
Attitude	Hostile	Agency	Unspecified Regulatory Auth.
Value	1.68 billion U.S. Dollar	Advisor Fees	n/a

SYNOPSIS

US - Vishay Intertechnology Inc (VI) launched a hostile tender offer to acquire all the outstanding common stock of International Rectifier Corp, a manufacturer of power management semiconductors, for a sweetened $23 in cash per share, or a total value of $1.682 bil. The transaction was subject to due diligence and customary closing conditions. Originally, VI offered $21.22 in cash per share, or a total value of $1.55 bil.

TARGET
Name	International Rectifier Corp (IRF)
Industries	n/a
City	El Segundo
State	CA
Nation	United States
Incorporated in	DE
Public Status	Public
Business Description	International Rectifier Corp, headquartered in El Segundo, California, manufactures power management semiconductors. The semiconductors are found in a variety of applications, such as automotive applications, networking, industrial motors display, consumer electronics, servers, personal computers, game stations, household appliances aerospace and defense, and telecommunications. IR operates in seven business segments: Enterprise Power (EP), Power Management Devices (PMD), PS, Energy-Saving Products (ESP), Aerospace and Defense (A&D), Intellectual Property (IP) and Transition Services (TS). The company was founded in 1947.
Advisors	Goldman Sachs & Co
Target Sales	984.8 million U.S. Dollar

ACQUIROR
Name	Vishay Intertechnology Inc (VSH)
Industries	Measuring&controlling devices; Printed circuit boards; Electronic components, nec; Semiconductors and related devices
City	Malvern
State	PA
Nation	United States
Incorporated in	DE
Public Status	Public
Business Description	Vishay Intertechnology Inc, located in Malvern, Pennsylvania, manufactures and wholesales semiconductors and passive electronic components in the United States, Europe, and Asia, used in different types of electronic devices and equipment, in the industrial, computing, automotive, consumer, telecommunications, military, aerospace, and medical markets. The company was founded in 1962.
Advisors	Banc of America Securities LLC; Morgan Stanley
Acquiror Sales	2.97 billion U.S. Dollar

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