Page 61 - Tower Semiconductor News Today

The termination of the $5.4bn deal is thought to be a result of ongoing trade disputes between China and the US.

MIGDAL HAEMEK, Israel, August 16, 2023 –Tower Semiconductor (NASDAQ: TSEM & TASE: TSEM), today announced it has mutually agreed with Intel Corporation...

Intel, which signed a deal to buy Tower last year, will pay a termination fee of $353 million to the latter, according to a statement.

Intel Corp. and Tower Semiconductor Ltd. shares fell Wednesday after the chip companies called off an acquisition because Intel was unable to secure…

As part of the agreement, Intel will have to pay a $353 million termination fee.

It just couldn't get regulatory approval from China.

Intel has walked away from its proposed $5.4 billion acquisition of Israeli contract chipmaker Tower Semiconductor.

Major indices close at lows for the day

In a blow to Intel’s ambitious foundry plans and the broader effort to secure western supply chains, China denied antitrust approval needed to acquire the Israeli semiconductor company.

The falling through of the Intel-Tower merger stems from ongoing US-China tensions