EL SEGUNDO, Calif., Aug. 21, 2014 (GLOBE NEWSWIRE) -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the proposed acquisition of International Rectifier Corporation by Infineon Technologies AG. On August 20, 2014, the companies announced the signing of a definitive merger agreement pursuant to which Infineon will acquire International Rectifier. Under the terms of the agreement, holders of International Rectifier will receive $40 per share for each share of International Rectifier owned.
Is the Proposed Acquisition Best for International Rectifier and Its Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board of directors at International Rectifier is undertaking a fair process to obtain maximum value and adequately compensate its shareholders.
On August 20, 2014, International Rectifier released its earnings for the fourth quarter of fiscal year 2014, reporting strong financial results. Specifically, the company reported a 10.5% increase in revenue over the prior quarter, and a 7.6% increase in the prior year quarter. Revenue for the fiscal year 2014 was up 13.3% from the prior fiscal year.
"Fourth quarter revenue exceeded our expectations, increasing significantly as all of our business segments posted sequential growth," stated President and Chief Executive Officer Oleg Khaykin. "In addition, we reduced inventory by about 5% bringing our inventory weeks to 15.6, the lowest level in four years and below our target level of 16 weeks. Our non-GAAP operating income increased to 8.2% of revenue in the fourth quarter and we increased our cash balance by $67.7 million."
In light of these facts, Robbins Arroyo LLP is examining International Rectifier's board of directors' decision to merge the company now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects.
International Rectifier shareholders have the option to file a class action lawsuit to ensure the board of directors obtains the best possible price for shareholders and the disclosure of material information. International Rectifier shareholders interested in information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, firstname.lastname@example.org, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The law firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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CONTACT: Darnell R. Donahue Robbins Arroyo LLP email@example.com (619) 525-3990 or Toll Free (800) 350-6003 www.robbinsarroyo.com
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