MANHASSET, N.Y. Vishay Intertechnology Inc. has announced that the California Superior Court granted Vishay's motion to stop a pending shareholder class action suit challenging its offer to purchase the shares of subsidiary Siliconix Inc.
Vishay (Malverne, Pa.), owns over 80.4 percent of the shares of Siliconix (Santa Clara, Calif.). On March 3, Vishay offered to exchange 2.64 shares of its common stock for each outstanding share of Siliconix stock.
Shareholders have filed a class-action suit in the California courts in an attempt to block the deal, despite the Board of Directors of Siliconix recommending that shareholders accept the tender offer. Siliconix's investment adviser Lehman Brothers Inc. has also termed the deal fair.