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MIGDAL HAEMEK, Israel, August 17, 2023 – Tower Semiconductor (NASDAQ: TSEM; TASE: TSEM) today announced it will hold an Investor and Analyst conference call to discuss business, technology focus, and growth drivers, on Tuesday, September 5, 2023, at 10:00 a.m. Eastern Time (09:00 a.m. Central, 08:00 a.m. Mountain, 07:00 a.m. Pacific and 05:00 p.m. Israel time).
CNBC's Kristina Partsinevelos joins 'Power Lunch' to discuss Intel scrapping $5.4 billion bid for chipmaker after China withholds approval.
Intel Corporation has terminated a $5.4 billion deal to buy Tower Semiconductor in Israel after failing to get needed regulatory approval, the US chip maker announced Wednesday.
Intel Corp. scrapped a $5.4 billion deal to acquire contract chipmaker Tower Semiconductor after the merger agreement expired without China giving regulatory approval.
Intel Corp. and Tower Semiconductor Ltd. shares fell Wednesday after the chip companies called off an acquisition because Intel was unable to secure regulatory clearances in time, but few on Wall Street appeared to be mourning the loss.
Intel (INTC) is ending its $5.4 billion deal to buy Tower Semiconductor (TSEM) after failing to get Chinese regulatory approval. As part of the deal's termination, Intel will pay Tower a $353 million fee.
CNBC's Kristina Partsinevelos reports on news from Intel.
Intel called off a $5.4 billion deal to purchase Tower Semiconductor after it failed to secure timely regulatory approval from China.
Intel has canceled its planned purchase of Tower Semiconductor. Intel walked away from the deal because it couldn't get Chinese regulatory approval.
Tower Semiconductor (NASDAQ: TSEM ) stock is taking a beating on Wednesday after the company's merger agreement with Intel (NASDAQ: INTC ) was terminated. The problem with the deal was Intel being unable to acquire regulatory approval from the Chinese government in a timely manner.