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Intel and Tower Semiconductor End Deal – Merger Arbitrage Mondays

  • August 21, 2023

Key Highlights

  • Four new M&A deals and eight new SPAC Business Combinations were announced last week.
  • Two deals were terminated last week including the acquisition of Tower Semiconductor (TSEM) by Intel (INTC) and the acquisition of Silicon Motion Technology (SIMO) by MaxLinear (MXL).
  • Pardes Biosciences (PRDS) and MediPacific confirm that the total per-share payment under the offer and merger agreement amounts to $2.13.

Intel (INTC) and Tower Semiconductor (TSEM) Terminate Deal Following Delay in Chinese Review

Intel canceled its intended purchase of Israeli chip maker Tower Semiconductor after an unsuccessful 18-month wait for Chinese regulatory review.

The deal that was announced in February last year, was expected to accelerates Intel’s path to becoming a major provider of foundry services and capacity globally. Having endured its biggest-ever company loss of $2.76 billion, Intel ventured into diversification, aiming to establish itself as a crucial domestic foundry services provider. With this goal in mind, Intel was aiming to acquire the Israeli-based analog integrated circuit foundry for $5.4 billion by mid-summer 2023.

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