MALVERN, Pa. (AP) -- Chip maker Vishay Intertechnology Inc. said Monday it has began a tender offer to buy power management chip maker International Rectifier Corp.
The offer is for $23 per share in cash, or about $1.7 billion.
Vishay raised its all-cash bid earlier this month, and said it will take it directly to International Rectifier's shareholders after the company rejected it as too low. The prior offer was $21.22 per share.
The tender offer expires on Oct. 27.
Shares of International Rectifier rose 18 cents to $19.88 in late morning trading.
Vishay's shares fell 55 cents, or 8.1 percent, to $6.26. The stock earlier hit a 52-week low of $6.22. The stock has ranged from $6.32 to $14.71 over the past year.