SAN FRANCISCO Siliconix Inc. said Monday (April 25) that its board of directors is recommending to shareholders that they accept an offer by Vishay Intertechnology Inc. to acquire the outstanding shares of Siliconix for 3.075 shares of Vishay common stock each.
The Siliconix board of directors appointed a special committee to evaluate the offer on March 4. The special committee hired Leman Brother Inc. to evaluate the offer. Lehman brothers concluded that the offer of 3.075 shares of Vishay common stock for each outstanding share of Siliconix was adequate.
According to a spokesman for Siliconix, Vishay already owns the vast majority of Siliconix. According to the terms of the offer, Vishay must acquire the majority of the 5.8 million outstanding shares in order for the acquisition to take effect, the spokesman said.
Silicon said minority stockholders are "strongly advised" to read Siliconix's solicitation/recommendation statement on schedule 14D-9, which sets forth the company's formal recommendation with respect to Vishay's tender offer.