SAN FRANCISCO Vishay Intertechnology said Friday (April 29) it has executed a memorandum of understanding (MOU) with plaintiffs in a consolidated class action litigation pertaining to Vishay's pending exchange offer for the outstanding shares of Siliconix Inc.
The MOU, Vishay said, establishes undisclosed terms and conditions under which the plaintiffs, Vishay and Siliconix have agreed to settle the action. The settlement is subject to the approval of the Delaware Chancery Court.
A separate plaintiff who filed a class action suit in California Superior Court challenging the exchange is not a party to the MOU. As reported, the California Superior Court on Wednesday (April 27) granted Vishay's motion to stop that pending suit.
Vishay (Malverne, Pa.), owns more than 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.
On April 25, Siliconix' board of directors recommended to shareholders that they accept Vishay's offer after an examination by Leman Brothers Inc. concluded that it was a fair offer.