International Rectifier Corp. (El Segundo, CA) and Zing Technologies Inc. (Valhalla, NY) announced successful completion of the cash tender offer by IRC Acquisition Corporation, a wholly owned subsidiary of International Rectifier, for the outstanding shares of Zing common stock, for a purchase price of $15.36 per share.
International Rectifier intends to merge IRC Acquisition into Zing so that Zing, which manufactures and sells multi-chip power semiconductors, integrated power modules and packaged semiconductor components for the military, industrial and commercial markets, will become a direct, wholly owned subsidiary of International Rectifier. As a result of the merger, any remaining outstanding shares of Zing common stock will be converted into the right to receive $15.36 in cash, subject to any applicable appraisal rights.
The tender offer expired, as scheduled, on Monday, March 6, 2000, with about 96 percent of all outstanding shares of Zing having been reported tendered. These shares consist of approximately 2.3 million shares of Zing being tendered, including about 5,300 shares tendered by guarantee of delivery. IRC Acquisition has accepted for purchase all shares properly tendered at the close of the offer. Payment for tendered shares will be made promptly in accordance with the terms of the offer.
International Rectifier's products are used in a diverse range of end-markets, including communications, consumer electronics, information technology, automotive, industrial and government/space. Zing's wholly owned subsidiary and sole operating business, Omnirel LLC, manufactures and sells high-reliability multi-chip power semiconductors, integrated power modules and packaged semiconductor components for the military, industrial and high-end commercial markets.
