MALVERN, Pa. (AP) -- Chip maker Vishay Intertechnology Inc. says it ended its offer to buy International Rectifier Corp.'s outstanding shares for $23 apiece in cash.
Malvern, Pa.-based Vishay said Monday that it will return tendered shares to their holders.
Vishay said in a statement that it can't continue with its bid to buy the company "in the face of opposition from a board of directors that has refused to engage in any discussion with us regarding our offer."
Last month, Vishay began a tender offer to buy the El Segundo, Calif.-based company for about $1.7 billion.
International Rectifier said Thursday that it was still rebuffing Vishay's purchase offers.