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Shares of International Rectifier (NYSE: IRF), which were trading higher on rumors of a potential deal, were halted following the announcement of acquisition by Infineon Technologies (OTC: IFNNY).

The all-cash deal is for roughly $40 per share, or nearly $3 billion in total. The $40 price is nearly double Tuesday's closing price of IRF.

The board's of both companies have approved the transaction. The closing of the transaction is subject to regulatory approval and approval of International Rectifier shareholders. The expected closing date is late 2014 or early 2015, depending on regulatory approval.

Shares of IRF recently resumed trading at $39.06, up 47 percent.

Posted-In: News M&A Movers

 

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