Tower Semiconductor and Intel Corp Mutually Agreed To Terminate Merger Deal Pending Regulatory Approval; Intel Will Pay to Tower a Reverse Termination Fee of $353M
Portfolio Pulse from Benzinga Newsdesk
Intel Corporation and Tower Semiconductor have mutually agreed to terminate their merger agreement due to regulatory approval delays. Intel will pay a termination fee of $353 million to Tower.
August 16, 2023 | 7:25 am
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Intel's merger with Tower Semiconductor has been terminated due to regulatory delays, resulting in a $353 million termination fee payable to Tower.
The termination of the merger could be seen as a setback for Intel, potentially impacting its strategic plans. The payment of the termination fee will also have a financial impact.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
Tower Semiconductor's merger with Intel has been terminated. Tower will receive a $353 million termination fee from Intel.
The termination of the merger could impact Tower's strategic plans. However, the receipt of the termination fee could provide a financial boost in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100