Siliconix (NASDAQ:SILI)
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Vishay Commences Offer to Exchange 2.90 Vishay Shares For Each
Siliconix Share
MALVERN, Pa., April 12 /PRNewswire-FirstCall/ -- Vishay Intertechnology, Inc.
(NYSE:VSH) announced today that it has commenced an offer to exchange 2.90
shares of its common stock for each share of common stock of Siliconix
incorporated (NASDAQ:SILI) not owned by Vishay. Cash will be paid in lieu of
fractional shares of Vishay. Vishay currently owns approximately 80.4% of the
outstanding shares of Siliconix. The offer expires at 5:00 p.m., New York City
time, on Thursday, May 12, 2005, unless extended.
The offer is conditioned on there being validly tendered and not withdrawn a
majority of the outstanding shares of Siliconix not owned by Vishay. There are
29,879,040 shares of Siliconix stock outstanding, of which 5,849,040 are
publicly held. There are also other conditions to the offer. Also, following
the consummation of the offer, unless prohibited by a court or there is
litigation pending seeking this prohibition, Vishay will promptly effect a
merger of Siliconix with a subsidiary of Vishay. In this merger, all remaining
holders of Siliconix stock would receive the same consideration for their
shares as the holders who tendered their shares received in the offer. Vishay
has not entered into any agreement with Siliconix with respect to the offer.
Vishay previously announced its intention to make the offer on March 3, 2005
with an exchange ratio of 2.64 Vishay common shares for each Siliconix share.
During the period following this announcement, the ratio of the market prices
for Siliconix shares and Vishay common shares has been in excess of this ratio.
Also, during this period, several institutional investors who hold shares of
Vishay and Siliconix communicated to Vishay management that they would expect
to tender their shares at an exchange ratio of approximately 2.90, although
they made no commitment to do so. Based on these circumstances, Vishay
determined to increase the ratio to 2.90.
In accordance with the rules of the Securities and Exchange Commission, Vishay
has filed with the SEC and has disseminated to Siliconix stockholders exchange
offer materials. Siliconix stockholders should read the tender offer statement
because it contains important information. Investors can get the tender offer
statement and other filed documents without charge from the web site of the SEC
at http://www.sec.gov/. Investors are also able to obtain the tender offer
statement and related documents from MacKenzie Partners, Inc., the information
agent for the offer, 105 Madison Avenue, New York, New York 10016, collect at
(212) 929-5500 or toll-free at (800) 322-2885.
Vishay Intertechnology, Inc., a Fortune 1,000 Company listed on the NYSE (VSH),
is one of the world's largest manufacturers of discrete semiconductors (diodes,
rectifiers, transistors, and optoelectronics) and selected integrated circuits
(ICs), and passive electronic components (resistors, capacitors, inductors, and
transducers). Vishay's components can be found in products manufactured in a
very broad range of industries worldwide. Vishay is headquartered in Malvern,
Pennsylvania, and has operations in 17 countries employing over 25,000 people.
Vishay can be found on the Internet at http://www.vishay.com/.
Siliconix is a leading manufacturer of power MOSFETs, power ICs, analog
switches, and multiplexers for computers, cell phones, fixed communications
networks, automobiles, and other consumer and industrial electronic systems.
With 2004 worldwide sales of $466.1 million, the Company's facilities include a
company-owned Class 1 wafer fab dedicated to the manufacture of power products
in Santa Clara, California, and a Class 1 wafer fab located in Itzehoe, Germany
utilized under a lease arrangement. The Company's products are also fabricated
by subcontractors in Japan, Germany, China, Taiwan, and the United States.
Assembly and test facilities include a company-owned facility in Taiwan, a
joint venture in Shanghai, China, and subcontractors in the Philippines, China,
Taiwan and Israel.
CONTACT: Richard N. Grubb, Executive Vice President and Chief Financial
Officer or Peter G. Henrici, Senior Vice President, Investor Relations,
+1-610-644-1300, both of Vishay Intertechnology.
DATASOURCE: Vishay Intertechnology, Inc.
CONTACT: Richard N. Grubb, Executive Vice President and
Chief Financial Officer or Peter G. Henrici, Senior Vice President, Investor
Relations, +1-610-644-1300, both of Vishay Intertechnology
Web site: http://www.vishay.com/