Tower Semiconductor Shares Soar Premarket on Takeover by Intel
15 February 2022 - 10:28PM
Dow Jones News
By Colin Kellaher
Shares of Tower Semiconductor Ltd. surged more than 45% in
premarket trading Tuesday after the Israeli chip company agreed to
be acquired by U.S. giant Intel Corp. for about $5.4 billion.
Intel said it would pay $53 a share in cash for Tower, a roughly
60% premium to Monday's closing price of $33.13.
Intel said it plans to fund the acquisition, which it expects to
complete in about a year, with cash on hand.
Tower shares were recently up 45.4% to $48.17 in premarket
trading, while shares of Intel rose 1.4% to $48.25.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 15, 2022 06:13 ET (11:13 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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