Court denies injunction for Siliconix
Vishay Intertechnology Inc.’s proposed acquisition of Siliconix appears cleared to move forward, following the Delaware Court of Chancery’s denial of a preliminary injunction.
In its decision, the court stated that Siliconix, which sought to block the acquisition, “has not demonstrated a reasonable probability of success on the merits of his claims.”
Vishay began its offer on May 25 to exchange 1.5 shares of common stock of Vishay for each share of common stock of Siliconix that it does not already own. It currently owns about 80.4% of the outstanding shares of Siliconix.
Vishay, a supplier of passive devices, gained majority ownership of Siliconix, a manufacturer of power MOSFETs, power IC and analog signal processing devices, when it acquired of Temic Telefunken microelectronics GmbH from Daimler-Benz A.G. in Germany three years ago
There are 29,879,040 shares of Siliconix stock outstanding, of which 5,849,040 are publicly held.