InsideArbitrage Event Driven Monitor – August 16, 2023

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Merger Arbitrage

1. TSEM: Intel Corporation (INTC) and Tower Semiconductor (TSEM) mutually terminated their merger agreement, due to the inability to obtain in a timely manner the regulatory approvals required under the merger agreement.​ In accordance with the terms of the merger agreement and in connection with its termination, Intel will pay a termination fee of $353 million to Tower.

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