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1
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PLAINTIFFS REPLY BRIEF IN SUPPORT OF MOTION FOR PRELIMINARY INJUNCTION
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EXTRACTED KEY WORDS
DEFENDANTS VISHAY PROPOSED TRANSACTION DISCLOSURE MINORITY PLAINTIFFS COURT SHAREHOLDERS DEL MINORITY STOCKHOLDERS OBLIGATIONS DELAWARE EXCHANGE PRELIMINARY INJUNCTION FAIRNESS SILICONIX DIRECTORS SPECIAL COMMITTEE DELAWARE LAW IRREPARABLE INJURY SILICONIX BOARD SUFFER IRREPARABLE INJURY REGISTRATION STATEMENT DISCLOSURE VIOLATIONS FAIRNESS TEST DEFENDANTS FAIL EXCHANGE RATIO PROJECTIONS CONNECTION INCORPORATION |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IN RE SILICONIX INCORPORATED
i Consolidated CA. No. 18700
SHAREHOLDERS LITIGATION 1
REDACTED
PLAINTIFFS' REPLY BRIEF IN SUPPORT
OF THEIR MOTION FOR A PRELIMINARY INJUNCTION
I..
y z;
:, c`i
Steven G. Schuhuan Kevin G. Abrams c,: *.
r- : I
Daniel B. Scotti Srinivas M. Raju - ,+,
1, -
U. Seth Ottensoser J. Travis Laster
Milberg Weiss Bershad Hynes Lisa R. Stark
& Lerach LLP Richards, Layton & Finger
One Pennsylvania Plaza One Rodney Square
NewYork,N.Y. 10119 P.O. Box 551
(212) 594-5300 Wilmington, Delaware 19899
(302) 658-6541
Co-Lead Counsel for Lead Plaintiff
and the Class
Dated: June 14, 200l
RLFl-2321192-3
TABLE OF CONTENTS
SNIPPETS:
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2
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ANSWERING BRIEF OF DEFENDANT VISHAY INTERTECHNOLOGY IN OPPOSITION TO MOTION FOR PRELIMINARY INJUNCTION
|
EXTRACTED KEY WORDS
SILICONIX FITZGERALD SHAREHOLDERS COURT DEL DELAWARE PLAINTIFFS PRICE STANDARD STOCK FAIRNESS TENDER REGISTRATION STATEMENT SHARES PRELIMINARY INJUNCTION DISCLOSURE SPECIAL COMMITTEE STOCKHOLDERS DELAWARE LAW MATERIALS PROJECTIONS DEFENDANTS GOVERNING STANDARD PROBABILITY TRANSACTION AUTHORITIES OCEAN DRILLING ACQUISITION ALLEGATIONS |
f-1 QT .l'i i `,, I
?** t ~.~~.;h~~J;,~
' . WQ
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
-- ) Consolidated.
IN RE SILICONIX INCORPORATED ) CA. N o . 18700-NC :
SHAREHOLDER LITIGATION >) > ]
I' 1..
> , i
REDACTED ;
ANSWERING BRIEF OF DEFENDANT VISHAY INTERTECHNOLOGY, INC.
IN OPPOSITION TO PLAINTIFFS MOTION FOR A PRELIMINARY INJUNCTION
MORRIS, NICHOLS, ARSHT & TIJNNELL
A. Gilchrist Sparks, LU
R. Judson Scaggs, Jr.
Jessica Zeldin
Patricia R. Uhlenbrock
1201 N. Market Street
P.O. Box 1347
Wilmington, Delaware 1!)899-1347
(302) 658-9200
Attorneys for Defendant Vishay
Intertechnology, Inc.
OF COUNSEL:
KRAMER LEVIN NAFTALIS & FRANKEL LLP
Alan R. Friedman
Jonathan M. Wagner
Douglas Gray
Theresa A. Buckley
9 19 Third Avenue
New York, New York 10022
(212) 715-9100
June 13,200l
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3
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SILICONIXS ANSWERING BRIEF IN OPPOSITION TO BRIEF IN SUPPORT OF MOTION FOR PRELIMINARY INJUNCTION
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EXTRACTED KEY WORDS
PLAINTIFFS DEL PRELIMINARY INJUNCTION DUTY COURT MERITS FIDUCIARY DUTY OWES DELAWARE SUCCESS SUPR INJUNCTIVE RELIEF ALLEGES LIKELIHOOD HARM TENDER COMPLAINT DEFENDANTS FACTS WRONGDOING REASONS DELAWARE LAW FIDUCIARY DUTIES REASONABLE PROBABILITY BREACH DISCLOSE CHANCERY KAHN LLP VISHAY |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE!
IN AND FOR NEW CASTLE COUNTY
IN RE SILICONlX INCORPORATED ) CONSOLIDATED
SHAREHOLDERS LITIGATION > C. A. No. 18700
SILlCONIX INCORPORATED'S ANSWERING BRIEF
IN OPPOSITION TO PLAINTIFFS' OPENING BRIEF IN SUPPORT OF THE
MOTION FOR PRELIMINARY INJUNCTION
MORRIS, JAMES, HITCHENS & WILLIAMS LLP
Lewis H. Lazarus
Michael A. Weidinger
222 Delaware Avenue, 10th Floor
P. 0. Box 2306
Wilmington, Delaware 19899-2306
(302) 888-6970
Attorneys for Siliconix incorporated
OF COUNSEL:
1. ` >;
FOLGER, LEVIN & KAHN LLP
Samuel It Miller
Julie M. Kennedy
Embarcadero Center West
275 Battery Street, 23rd Floor
San Francisco, CA 94 111
(415) 986-2800
Dated: June 13, 2001
TABLE OF CONTENTS
PAGE
T A B L E O F AlJTHORITIES i i
NATURE AND STAGE OF THE PROCEEDINGS 1
SNIPPETS:
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4
.
ANSWERING BRIEF OF DEFENDANT VISHAY INTERTECHNOLOGY IN OPPOSITION TO MOTION FOR PRELIMINARY INJUNCTION
|
EXTRACTED KEY WORDS
SILICONIX FITZGERALD SHAREHOLDERS COURT DEL DELAWARE PLAINTIFFS PRICE STANDARD STOCK FAIRNESS TENDER REGISTRATION STATEMENT SHARES PRELIMINARY INJUNCTION DISCLOSURE SPECIAL COMMITTEE STOCKHOLDERS DELAWARE LAW MATERIALS PROJECTIONS DEFENDANTS GOVERNING STANDARD PROBABILITY TRANSACTION AUTHORITIES OCEAN DRILLING ACQUISITION ALLEGATIONS |
f-1 QT .l'i i `,, I
?** t ~.~~.;h~~J;,~
' . WQ
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
-- ) Consolidated.
IN RE SILICONIX INCORPORATED ) CA. N o . 18700-NC :
SHAREHOLDER LITIGATION >) > ]
I' 1..
> , i
REDACTED ;
ANSWERING BRIEF OF DEFENDANT VISHAY INTERTECHNOLOGY, INC.
IN OPPOSITION TO PLAINTIFFS MOTION FOR A PRELIMINARY INJUNCTION
MORRIS, NICHOLS, ARSHT & TIJNNELL
A. Gilchrist Sparks, LU
R. Judson Scaggs, Jr.
Jessica Zeldin
Patricia R. Uhlenbrock
1201 N. Market Street
P.O. Box 1347
Wilmington, Delaware 1!)899-1347
(302) 658-9200
Attorneys for Defendant Vishay
Intertechnology, Inc.
OF COUNSEL:
KRAMER LEVIN NAFTALIS & FRANKEL LLP
Alan R. Friedman
Jonathan M. Wagner
Douglas Gray
Theresa A. Buckley
9 19 Third Avenue
New York, New York 10022
(212) 715-9100
June 13,200l
SNIPPETS:
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5
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ANSWERING BRIEF OF ARNDT LIPCAMAN OWYANG ROSNERBERG AND SMITH IN OPPOSITITION TO MOTION FOR PRELIMINARY INJUCTION
|
EXTRACTED KEY WORDS
PLAINTIFFS SHAREHOLDERS DEFENDANTS COURT STOCKHOLDERS DEL FACTS VISHAY TENDER EXCHANGE DELAWARE SHAREHOLDERS LITIGATION PRELIMINARY INJUNCTION SHARES TRANSACTION MINORITY STOCKHOLDERS DIRECTORS KING OWYANG SPECIAL COMMITTEE DISCLOSURE DISCLOSED1 GLYNDWR SMITH DEFENDANTS EVERETT LORI LIPCAMAN MICHAEL ROSENBERG DERIVATIVE CLAIMS FITZGERALD EVERETT ARNDT OPPOSITION |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
) PUBLIC VERSION
; CONSOLIDATED
IN RE SILICONIX INCORPORATED ) Civil Action No. 18700-NC
SHAREHOLDERS LITIGATION
i>
ANSWERING BRIEF OF DEFENDANTS EVERETT ARNDT,
LORI LIPCAMAN, KING OWYANG, MICHAEL ROSENBERG
AND GLYNDWR SMITH IN OPPOSITION TO
PLAINTIFFS' MOTION FOR A PRELIMINARY INJUNCTION
ASHBY & GEDDES
Lawrence C. Ashby
Richard D. Heins
Philip Trainer, Jr.
Richard I. G. Jones, Jr.
222 Delaware Ave., 1 7th Floor
Wilmington, DE 19899
(302) 654 1888
McCUTCHEN DOYLE BROWN
& ENERSEN
David Mark Balabanian, Esquire
Alfred C. Pfeiffer, Jr., Esquire
Jason A. Yurasek, Esquire
Three Embarcadero Center
San Francisco, CA 94111
(415) 393-2000
Attorneys for Defendants Everett Arndt, Lori
Lipcaman, King Owyang, Michael
Rosenberg and Glyndwr Smith
TABLE
PRELIMINARY STATEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SNIPPETS:
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6
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ANSWERING BRIEF OF SPECIAL COMMITTEE IN OPPOSITION TO PLAINTIFFS MOTION FOR PRELIMINARY INJUNCTION
|
EXTRACTED KEY WORDS
PLAINTIFFS VISHAY SILICONIX PRELIMINATY DEL EXCHANGE SCHEDULE TENDER DIRECTORS STOCKHOLDERS SHAREHOLDERS TRANSACTION LAW DISCLOSURE LEHMAN MINORITY STOCKHOLDERS PRELIMINARY INJUNCTION SILICONIX BOARD POB DELAWARE LAW FIDUCIARY DUTIES OBLIGATION FEDERAL LAW FITZGERALD PLAINTIFFS ASSERT OPPOSITION MERGER AGREEMENT NEGOTIATIONS AMENDED COMPLAINT |
REDACTED -- PUBLIC VERSION
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE ;-`:,
IN AND FOR NEW CASTLE COUNTY
/
: , ,'
I
IN RE SILICONIX INCORPORATED ) `2. A. No. 18700-NC i,
SHAREHOLDERS LITIGATION ) ,-1
-,
ANSWERING BRIEF OF THE SPECIAL COMMITTEE
IN OPPOSITION TO PLAINTIFFS'
MOTION FOR A PRELIMINARY INJUNCTION
OF COIJNSEI,: POTTER ANDERSON & CORROON LLP
Robert K. Payson
Norman J. Blears Stephen C. Norman.
Michael L. Charlson Kevin R. Shannon
Steven G. Mason Matthew E. Fischer..
HELLER, EHRMAN, WHITE & McAULIFFE LLP Rrian C. Ralston
275 Middlefield Road 1313 Market Street
Menlo Park, California 94025-3506 Hercules Plaza, 6'h Floor
(650) 324-7000 P.O. Box 95 1
Wilmington, Delaware 19899-095 1
(302) 984-6000
Attorneys for Defendant
Dated: June 13,200l Mark Segall
472286v6
TABLE, OF
PRELIMINARY STATEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . .."...................... 1
STATEMENT OF FACTS . . .
SNIPPETS:
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7
.
PLAINTIFFS OPENING BRIEF IN SUPPORT OF MOTION FOR PRELIMINARY INJUNCTION
|
EXTRACTED KEY WORDS
SILICONIX STOCKHOLDERS SPECIAL COMMITTEE PRICE TRANSACTION MINORITY STOCKHOLDERS EXCHANGE PROSPECTS SILICOMX DEL TENDER STOCK INADEQUATE DELAWARE DISCLOSURE GROSSLY INADEQUATE MATERIALS REGISTRATION STATEMENT FIDUCIARY DUTIES DIRECTORS DEMONSTRAMD DEFENDANTS PLAINTIFFS EXCHANGE RATIO DISCLOSURE VIOLATIONS PROJECTIONS FITZGERALD PROPOSALS SHAREHOLDERS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
8 c
<. _.
-, . 2
IN RE SILICONIX INCORPORATED 1 Consolidated -, Id
-d:
SHAREHOLDERS LITIGATION ) C.A. No. 18700
REDACTED
PLAINTIFFS' OPENING BRIEF IN SUPPORT OF
THE MOTION FOR A PRELIMINARY INJUNCTION
_I-
Steven G Schulman Kevin G. Abrams
Daniel B Scotti Srinivas M. Raju
U Seth Ottensoser J. Travis Laster
Milberg Weiss Bershad Hynes Lisa R. Stark
& Lerach LLP Richards, Layton & Finger
One Pennsyivania Plaza One Rodney Square
New York, N.Y. 10119 P.O. Box 55 1
(212) 594-5300 Wilmington, Delaware 19899
(302) 658-6541
Co-Lead Counsel for Plaintiff and the
Dated: June 11, 2001 Class
RLFI-23170944
TABLIE OF CONTENTS
T.kEiLE O F A U T H O R I T I E S iii
SNIPPETS:
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8
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AMENDED COMPLIANT
|
EXTRACTED KEY WORDS
VISHAY MINORITY STOCKHOLDERS DEFENDANTS PLAINTIFF EXCHANGE PRICE ZANDMAN PROPOSED TRANSACTION STOCK ACQUISITION SPECIAL COMMITTEE REGISTRATION STATEMENT SEGALL TALBERT SEMICONDUCTOR NET INCOME TECHNOLOGY EXCHANGE RATIO FIDUCIARY DUTIES SILICONIX BOARD INDIVIDUAL DEFENDANTS MARKET PRICE CONNECTION EVERETT ARNDT LORI LIPCAMAN GLYNDWR SMITH EXPERIENCING SILICONIX COMMON STOCK PROJECTIONS |
IN THE COURT OF CHANCERY OF THE ST14TE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY 7,
-0
_`1 ,
;.--,
IN RE SILICONIX INCORPORATED Consolidated : .-
f
SHAREHOLDERS LITIGATION CA. No. 18700
--^
VERIFIED AMENDEJ COMP'LAINT E.3
5.
-e.
Lead Plaintiff Raymond L.. Fitzgerald ("Plaintiff' or "Fitzgerald"), by his?md&igned
attorneys, brings this action against defendants Vishay Intertechnology, Inc., Vishay TEMlC
Semiconductor Acquisition Holdings Corp., Felix Zandman, Everett Arndt, Lori Lipcaman, Ring
Owyang, Michael Rosenberg, Mark Segall, Glyndwr Smith, Timothy Talbert, and Siliconix
incorporated.' :In support thereof, plaintiff states as follows:
1. Plaintiff brings this action on behalf of the minority stockholders of Siliconix
incorporated ("Siliconix" or the "Company") and on behalf of Siliconix, a successfil high
technology company that has experienced a fourteen thousand five hundred and seventy-nine
(14,579%) percent increase in net income during the past two years and is extremely well-
positioned for rapid growth in the very near future:. Ever since Vishay Intertechnology, Inc.
("Vishay") purchased an 80.4% equity interest in Siliconix in ea.rly 199X, Vishay has treated
Siliconix not as a separate, public company, but rather as a private wholly-owned subsidiary. Now,
just as Siliconix and its minority stockholders are expecting to reap the rewards from the
exceptional incteasing trends in net income and the improving business outlook of Siliconix and
its markets, Vishay has abruptly sought to usurp for itself, to the exclusion of the Siliconix
stockholders, the anticipated increase in the value of Siliconix by seeking to take Siliconix
SNIPPETS:
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9
.
LETTER FROM CHANCELLOR NOBLE
|
EXTRACTED KEY WORDS
REQUEST FITZGERALD DISCOVERY CLASS ACTIONS COURT COUNSEL LEAD PLAINTIFF COMMUNICATIONS SILICONIX SHAREHOLDERS GPM REPRESENTING MOTION DESIGNATION DEFENDANTS INQUIRY LITIGATION INTERROGATORY VISHAY PROSECUTION WEISS SUPPORT HOLDINGS EVIDENCING CONSIDERATIONS RETAINER AGREEMENT REASONS CAPTION PRESUMPTION |
COURT OF CHANCERY .,
OF THE
STATE OF DELAWARE
417 S. STATE
JOHN W. NOBLE DOVER. DELAWARE
"CE CHANCELLOR TELEPHONE
(302)
hCSlMlLE (302)
May 23,200l
VIA FACSIMILE AND
FIRST CLASS MAIL
Kevin G. A.brams, Esquire Norman M. Monhait, Esquire
Srinivas M. Raju, Esquire ROSENTHAL, MONHAIT,
RICHARDS, LAYTON & FINGER GROSS & GODDESS, P.A.
One Rodney Square Mellon Bank Center, #140 1
P.O. Box 55 1 P.O. Box 1070
Wilmington, DE 19899-055 1 Wilmington, DE 19899-l 070
Re: In re Siliconix Incorporated
Shareholders Litigation
Consolidated
C.A. No. 18700-NC
Dear Counsel:
Ten actions, purportedly brought as class actions, challenging the
proposed merger of Siliconix Incorporated I("Siliconix") into Vishay
Intertechnology, Inc. ("Vishay") have been filed in this Court and have been
consolidated. The Plaintiffs in nine of these actions, including Griffin
Portfolio Management Corp. ("GPM"), are represented by the law firms of
Rosenthal, Monhait, Gross & Goddess, P.A. and MXberg Weiss Bershad
Hynes & Lerach LLP (collectively referred to as "Milberg Weiss"). One
Kevin G. Abrams, Esquire May 23,200 1
Norman M. Monhait, Esquire Page 2
plaintiff, Raymond L. Fitzgerald ("Fitzgerald"), is represented by the law
SNIPPETS:
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10
.
COMPLAINT
|
EXTRACTED KEY WORDS
VISHAY DEFENDANTS STOCK POWER PRICE MEMBERS PLAINTIFF PUBLICLV-HELD PROPOSED TRANSACTION SHARES CONTROL SEMICONDUCTOR ELECTRONIC COMPONENTS STOCKHOLDERS SHAREHOLDERS BUSINESS MARKET DIRECTORS UNFAIR TECHNOLOGY COMMON STOCK DESIGN ANALOG INTEGRATED CIRCUITS GROWTH INADEQUATE PRESIDENT CELL PHONES EPS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
a IN AND FOR NEW CASTLE COUNTY
GRIFFIN PORTFOLIO MANAGEMENT CORP., x
Plaintiff,
SILICONIX INCORPORATED, VISHAY
INTERTECHNOLOGY, INC., MICHAEL A.
ROSENBERG, MARK B. SEGALL, KING OWYANG ;
PHD, EVERETT ARNDT, LORI LIPCAMAN and
GLYNDWR SMITH,
Defendants.
?(
COMPLAINT
Plaintiff alleges upon personal knowledge with respect to paragraph 2, and upon
and belief as to all oth,er allegations herein, as follows:
1. Plaintiff brings this action on behalf of the public stockholders of Siliconix
Incorporated ("Siliconix" or the "Company"), against its directors, the above-named individual
defendants, and defendant Vishay Intertechnology, Inc. ("Vishay")., the controlling
Siliconix, in connection with V&hay's proposed acquisition of the publicly owned shares of
Siliconix common stock.
PARTIES
2. Plaintiff Griffin Portfolio Management Corp. is and at all relevant times has
owner, directly or indirectly, beneficially or otherwise, of 65,913 shares of Siliconix common
3. Siliconix is a Delaware corporation with its principal executive offices located at
2201 Laurelwood Road, Santa Clara, CA 950.54. Siliconix designis, markets, and manufactures
power and analog semicondutor products.
4. (4 Defendant Vishay is an international manufacturer and supplier of discrete
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