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International Rectifier: Our Sales Are Strong

Power management chip maker said it was continuing to rebuff Vishay Intertechnology's acquisition offers and said its own sales were likely at the high end of its forecast.

EL SEGUNDO, Calif. (AP) -- International Rectifier Corp., a maker of power management chips, Thursday said it was continuing to rebuff Vishay Intertechnology Inc.'s acquisition offers and said its own sales for the most recent quarter were likely at the high end of its forecast.

Last month, Vishay began a tender offer to buy the El Segundo-based company for $23 a share, or about $1.7 billion. That came after International Rectifier's board unanimously rejected both that offer and an earlier offer of $21.22 per share.

On Monday, Vishay said it was willing to increase its offer if International Rectifier can show a higher price is justified.

International Rectifier shares were at $17.16 in Thursday morning trading, up 75 cents, or 4.6 percent.

The company said Thursday that it was sticking to its projection that revenue for its first fiscal quarter, which ended Sept. 30, would grow 7 percent to 9 percent from the previous quarter. It also said it expects results to be on the high end of that range.

The company has not released results for the previous quarter. It recently restated earnings reports from 2007 and 2008 after investigating inflated sales figures.

Analysts polled by Thomson Reuters are on average expecting revenue of $220 million for the quarter.

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