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Stock Market & Financial Investment News

News Breaks
May 21, 2014
08:36 EDTVSHVishay announces voluntary U.S. pension lump sum opportunity
Vishay Intertechnology will offer a special limited-time voluntary lump sum payment opportunity to certain former employees who are deferred vested participants of the Vishay Retirement Plan, the company’s U.S. qualified pension plan, and who are not currently receiving periodic payments of their pension benefit. Vishay is making this voluntary offer to provide greater flexibility for eligible participants to manage their retirement savings and also to assist the Company’s overall management of its pension obligations. Vishay continues to seek methods to de-risk its pension exposures, especially given the frozen status of the U.S. plans and the current funded status. Such actions could result, for the short-term, in increased net periodic pension cost due to lower expected rates of return on plan assets and/or possible changes to recognize unamortized actuarial items if all or a portion of the obligations were to be settled. The accounting impacts of such actions will vary greatly depending on the number of plan participants who accept the lump sum settlement offer.
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July 17, 2014
16:32 EDTVSHVishay: Capella Microsystems board recommends shareholders tender shares
Vishay Intertechnology announced that the board of Taiwan-based Capella Microsystems, which Vishay intends to acquire, has determined that the price per share offered by Vishay in a tender offer is reasonable and has recommended that shareholders of Capella tender their shares. A special offer review committee of Capella separately has made the same determination and recommendation. On July 11, Vishay entered into an agreement to acquire Capella for approximately NT$6,051M or US$205M. Vishay intends to acquire Capella first through a tender offer of up to 100 percent of Capella’s outstanding shares at a price of NT$139 per share. The tender offer is conditioned upon at least a majority of the outstanding shares being tendered. The period to tender outstanding shares ends on September 1, but could be extended pursuant to local regulations. If a majority of the outstanding shares are tendered and the government approvals are obtained, the tender offer is expected to close in September 2014 followed by Vishay’s acquisition of 100% of Capella in a merger by the end of January 2015. In 2013, Capella had revenues of NT$1,873M or approximately US$63 million achieving gross margins in the high 40%s and EBITDA of approximately US$19M; cash and cash equivalents were approximately US$60M without any long-term debt.

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