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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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January 21, 2015
10:01 EDTVSHOn The Fly: Analyst Downgrade Summary
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08:07 EDTVSHVishay downgraded at Longbow
As previously reported, Longbow downgraded Vishay to to Neutral from Buy. THe firm downgraded shares based on lack of catalysts, FX headwinds, lower accretion from Capella, and low likelihood of a cash return event in 2015.
06:30 EDTVSHVishay downgraded to Neutral from Buy at Longbow
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