Electronics component maker Vishay Intertechnolgy Inc. today said it has begun an increased offer to buy the 19.6 percent of power-conversion components maker Siliconix Inc. it does not already own for about $227 million in stock.
Thew US based Vishay, which proposed a cash offer for the remainder of Siliconix in February, said in a statement it would exchange 1.5 of its shares for each share of Santa Clara, California-based Siliconix. Vishay shares closed on Thursday at $25.81 on the New York Stock Exchange.
The new offer, equal to $38.72 per Siliconix share, represents a premium of nearly 35 percent over the original cash offer price of $28.82 proposed by Vishay on Feb. 22. It is also a premium of nearly 18 percent over Siliconix's closing Nasdaq stock price on Thursday of $32.85.
Vishay said it has no agreement with Siliconix regarding its new offer. After Vishay's original offer, Siliconix's board appointed a special committee to evaluate the offer. The committee has since hired investment banking firm Lehman Brothers but has not publicly announced a decision on the offer.
The offer for the 5.86 million shares in public hands will expire at midnight on June 22, Vishay said. Additional details were not immediately available.