Tech Confidential
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Following word last week that proxy advisory Glass Lewis & Co. would back its board nominees, power management component maker International Rectifier Corp. (IRF) said that its slate got another endorsement, this time from Egan-Jones Proxy Services.
With two proxy firms' support, it will make it all the tougher for Vishay Intertechnology Inc. (VSH) to succeed in its $1.7 billion hostile offer for the company. The chipmaker is also pushing three of its own board nominees for IR's Oct. 10 shareholder meeting. Egan-Jones said it was "unpersuaded that the dissidents' nominees would bring objectivity to the board," according to IR's press release.
IR also took issue with a letter sent last week by Vishay to IR shareholders. Among other things, it snapped back at Vishay's complaint that IR would not meet to discuss a potential deal, arguing that Vishay's proposal is too low and therefore "was not even a valid starting point for negotiations."
The company also defended the compensations of some of its directors. Vishay had implied in its letter that some members of IR's board are overpaid. Expect the tit-for-tat to continue as Oct. 10 draws near. -- Olaf de Senerpont Domis
See Oct. 3 press release on Egan-Jones report from BusinessWire
See Oct. 2 letter from Vishay to IR shareholders
See Oct. 2 press release on Glass Lewis & Co.'s report from Tech Confidential
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