MALVERN, Pa.--Vishay Intertechnology Inc. today ended its current attempts to purchase complete ownership of Siliconix Inc. after failing to receive a minimum number of shares in a stock-exchange offer that expired on Thursday.
Vishay was attempting to swap its stock for 19.6% of the shares that it does not already own in Siliconix, which is a publicly traded supplier of power and analog ICs. Vishay extended its offer a couple of times after a court in Delaware refused to stop the takeover bid.
"We conditioned our offer for Siliconix on the tender of a majority of the publicly held shares so that the public stockholders of Siliconix would decide whether Siliconix should be taken private at this time," said Felix Zandman, chairman and chief executive officer of Vishay. "Stockholders owning a majority of the public shares did not tender, and we respect their decision. Vishay reserves the right, from time to time, to purchase Siliconix shares in the open market or in privately negotiated transactions, subject of course to applicable securities laws."
Vishay--a major supplier of passive devices, which has been expanding in semiconductors--gained majority ownership of Siliconix when it acquired of Temic Telefunken microelectronics GmbH from Daimler-Benz A.G. in Germany (see March 3, 1998, story). Vishay owns 80.4% of the outstanding shares in Siliconix.