Vishay Intertechnology (VSH) today announced that it will press on with its $23-a-share cash offer for International Rectifier (IRF) despite the latest rejection of the offer.

This morning, International Rectifier issued a statement rejecting the bid, which it says “significantly undervalues the future prospects of the Company.”

Vishay says IRF “has left us no alternative but to present our increased all-cash premium proposal directly to the International Rectifer stockholders.” The company has proposed three nominees for the IRF board election, which is to be held at an annual meeting Oct. 10.

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Can’t beat ‘em? Buy ‘em.

The world of obscure semiconductors was on the move today, as shares of International Rectifier (IRF) rose $3.67, or 20 percent, to $22.49 after the company received an unsolicited offer from Vishay Intertechnology (VSH) to buy IRF for $1.6 billion in cash, or $21.22 per IRF share. This is not the first time the companies have tangled. Since selling a business to Vishay in April 2007 for $50 million, IRF has been hit with claims by Vishay saying it had overpaid because the businesses it bought from IRF turn out not to be in the kind of shape Vishay thought they were when it did due diligence on the deal. Vishay was demanding its purchase price be knocked down by $20 million, and an additional $50 million in damages Vishay claims it suffered in the deal.

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