Intel Abandons $5.4 Billion Transaction Following China Regulatory Review Postponement
NEW YORK: Intel Corp abandoned its $5.4 billion deal to buy Israeli chipmaker Tower Semiconductor Ltd after their merger deal fell through without approval from Chinese authorities. The US-listed shares of the Israeli company fell about 11% in premarket trading. Intel, which had decided to buy Tower last year, will pay the latter a termination fee of $353 million, the company said in a statement. “After careful consideration and in-depth discussions, and without receiving any indication of certain required regulatory approvals, both parties have agreed to terminate their merger agreement…
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