Vishay Intertechnology said today it was withdrawing its tender offer to buy outstanding shares of El Segundo-based tech firm International Rectifier.
On Friday at International Rectifier's annual meeting, share holders shot down a Vishay-proposed slate of three director candidates. That defeat effectively ended Vishay's hostile takeover bid.
Richard J. Dahl, chairman of International Rectifier, said in a statement:
"International Rectifier's board and management are pleased with the support and input we received from our shareholders. We are optimistic about the future growth opportunities for our business, and we will remain focused on executing our strategic roadmap to create value for our shareholders."
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