International Rectifier Gets Regulatory Approval For Acquisition By Infineon

(RTTNews) - International Rectifier Corp. (IRF) announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) with respect to the Company's acquisition by German chip maker Infineon Technologies AG (IFNNY), expired at 11:59 p.m., New York City time, on Friday, October 24, 2014.

Expiration of the HSR Act waiting period satisfies one of the conditions required to finalize the acquisition.

The transaction remains subject to other closing conditions, including the receipt of additional regulatory clearances, and approval of the transaction by International Rectifier Corporation stockholders as set forth in the Company's Proxy Statement filed with the U.S. Securities and Exchange Commission on October 7, 2014.

The transaction is currently expected to close late in the calendar year 2014 or early in the calendar year 2015.

In late-August, International Rectifier had said it agreed to be acquired by Infineon Technologies for about $3 billion in cash.