The cat fight between Vishay Intertechnology Inc. (NYSE:VSH) and International Rectifier Corp. (NYSE:IRF) appears destined to continue until the last vote is counted at IRF's annual meeting on Friday. Vishay was on the offensive again yesterday, issuing an open letter to IRF shareholders criticizing the company for refusing to discuss a possible acquisition.
Vishay on Monday said it would consider raising its current $23 a share, $1.7 billion offer for IRF if the power management component maker would enter into negotiations with it and could show it was worth a higher price. International Rectifier responded by calling the offer "illusionary," and a "ploy" designed to gain favor with its shareholders. It again hammered on Vishay for not having cash or financing to fund an acquisition.
In Tuesday's letter, Vishay said the response from IRF was "consistent with its conduct so far," and that the company's board of directors was shirking its responsibilities by refusing to enter into discussions.