Vishay Intertechnology shares dropped 7.3% after the semiconductor manufacturer announced a $750 million common stock offering priced at a discount. The offering consists of 15 million shares at $50 each, well below the prior close near $56, diluting existing shareholders. Vishay plans to use the net proceeds for growth initiatives and general corporate purposes, including debt reduction. Underwriters have a 30-day option to purchase up to an additional $112.5 million in shares.
Vishay Intertechnology IncDiscounted share offering dilutes existing shareholders