It looks like International Rectifier Corp. [IRF], for the time being at least, will continue its 51-year history as an independent company.

Chipmaker Vishay Intertechnology Inc. [VSH] on Monday gave up its chase of the power management component maker, saying it would abandon its $1.7 billion bid for International Rectifier after failing to win seats on the target's board.

Vishay formally launched a $23 per share tender for International Rectifier shares in late September after an earlier $21.22 per share offer was rejected. Vishay appeared to get a leg up on its bid last week when proxy advisory service RiskMetrics Group Inc. supported a slate of directors it nominated for International Rectifier's board.

But International Rectifier shareholders rejected that slate on Friday, a move that apparently brought an end to Vishay's campaign. The aggressor said in a statement Monday it had terminated its offer and was returning all tendered shares to their holders.

"As we have consistently said, we can not pursue our proposal in the face of opposition from a board of directors that has refused to engage in any discussion with us regarding our offer," Vishay said in a statement. "We regret that International Rectifier stockholders will not be able to participate in what would have been a compelling opportunity to create significant value for them."

Responding to the news, International Rectifier issued a statement of its own.

"We are optimistic about the future growth opportunities for our business, and we will remain focused on executing our strategic roadmap to create value for our shareholders," said the company's chairman Richard Dahl.

International Rectifier shares climbed 9%, to $15.24, in early afternoon trading. Vishay's stock shot up 23%, to $5.38 per share.

-- Lou Whiteman

See Oct. 13 press release from Vishay
See Oct. 13 press release from International Rectifier