MALVERN, Pa. (AP) -- International Rectifier Corp. has agreed to pay Vishay Intertechnology Inc. $30 million to settle a dispute over Vishay's acquisition of Rectifier's power control systems business, the companies said Wednesday.
Vishay, a chip maker based in Malvern, Pa., bought the unit in 2007 for $290 million, later making an unsolicited bid for the entire company at $23 per share before abandoning the offer in October of 2008.
El Segundo, Calif.-based Rectifier, which makes power management semiconductors, will refund $30 million of the purchase price, the companies said.
The companies also announced they have also clarified an agreement allowing Rectifier to "develop, design, manufacture and sell" additional products with technology sold or licensed to Vishay as a part of the 2007 deal.
Rectifier's shares jumped 16 cents to $14.97 in morning trading Wednesday, while Vishay's stock was up 14 cents to $6.93.
