Vishay ends bid for International Rectifier

was up about 20% in early trading, while IR was up 4%. In withdrawing its bid, Vishay cited the unwillingness of International Rectifier's board of directors to "engage in any discussion with us regarding our offer." The move comes three days after International Rectifier shareholders rejected an effort by Vishay to seat three candidates for the company's board. Malvern, Pa.-based Vishay said it would return any tendered shares to International Rectifier shareholders. The semiconductor manufacturer had offered to pay $23 for each share of El Segundo, Calif.-based International Rectifier, whose stock closed Friday at $13.97. The latter makes advanced power-management components used in electronic goods. International Rectifier had rejected Vishay's offer as "inadequate" and "opportunistic." International Rectifier's shares had... [read full story]