On Tuesday, Sept. 16, one semiconductor manufacturer filed a proxy statement with the SEC in connection with the nomination of three candidates to the board of another.
Vishay Intertechnology, of Malvern, Pa., is trying to get representatives n the board of International Rectifier, of El Segundo, California. This is part of their larger campaign to buy up their Californian cousin.
In an accompanying statement, Vishay said: "It has been our strong preference to work together with International Rectifier to negotiate a mutually agreeable transaction; however, International Rectifier’s refusal to negotiate with us has left us with no alternative but to present our increased all-cash premium proposal directly to International Rectifier stockholders. We look forward to the delayed 2007 Annual Meeting on October 10, 2008, at which the International Rectifier stockholders, the true owners of the company, will have an opportunity to express their views by electing our three nominees to the International Rectifier Board of Directors."
The incumbent board replies that Vishay's proposed price, $23 per share, "significantly undervalues the future prospects of the Company when compared to the value that we expect our new strategic plan to deliver to our shareholders."
IRF's stock value closed Friday at $20.39. It was below $17 at its nadir this summer.
The underlying problems that make IRF vulnerable involve accounting troubles -- of which I'll have something more to say tomorrow.
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