By Elias Schisgall
Shares of Vishay Intertechnology slid after the company said it plans to launch an underwritten public offering for $750 million of stock.
The stock slipped 11%, to $50.25, after the bell on Monday. Shares closed roughly flat, at $56.28, and are up nearly fourfold this year.
The company said it plans to use proceeds to accelerate growth initiatives, pay down its debts, and for other general corporate purposes.
It said it plans to grant the underwriters a 30-day option to buy up to an additional $112.5 million worth of shares.
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