International Rectifier rejects the proposal by Vishay to acquire all of the outstanding shares of International Rectifier for $21.22 per share in cash. Richard J. Dahl, Chairman of the Board of International Rectifier said: "The Board believes that the proposal by Vishay does not value the Company and its future prospects appropriately." Two weeks ago Vishay has made a non-binding proposal to the International Rectifier to acquire all the outstanding shares for approximately $1.6 billion. At the end of 2006 International Rectifier already sold the PCS business for approximately $290 million to Vishay. The 2007 revenue of International Rectifier was $1.2 billion and the net income was $77.4 million. Vishay announced net revenues for the year ended December 2007 were $2.833 billion and the net income was $139.7 million.