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Tower Semiconductor shareholders approve merger with Intel

In mid-February, Intel announced the acquisition of Tower Semiconductor for $5.4 billion ($53 per share), although Tower shareholders have not so far agreed to its merger with Intel, which means it will become a wholly-owned subsidiary of Intel.

“La cartera de tecnología especializada de Tower, sur alcance geográfico, sus profundas relations con los clients y sus operaciones de services ayudarán a ampliar los services de fundición de Intel ya avanzar en nuestro objectivo de converter nos en uno de los main proveedores de capacity de fundición at the World level”, Pat Gelsinger saidIntel CEO, in the announcement of the acquisition.

“This agreement will allow Intel to offer a compelling portfolio of advanced manufacturing processes and differentiated specialty technologies on mature nodes, unlocking new opportunities for current and future customers at a time of unprecedented semiconductor demand. “

Intel x tower semiconductor

Tower Semiconductor Ltd., a leading founder of analog semiconductor solutions, is pleased to announce today that certain proposals relating to the Arrangement have been approved at its Extraordinary General Meeting (the ”) of the shareholders held on April 25, 2022. and the plan of merger, dated February 15, 2022, by and between Tower Semiconductor Ltd. (“Tower”) and other parties (the “Merger Agreement”). (“Tower”), Intel Corporation (“Intel”) and the other parties thereto (the “Merger Agreement”), pursuant to which Tower will become a wholly owned subsidiary of Intel (the “Merger”), have been approved.

At the General Meeting of Shareholders, Tower shareholders approved, by the required majority, the acquisition of Tower by Intel, including the approval of (a) the merger agreement; (b) the Merger itself, under the terms and conditions set out in the Merger Agreement; (c) the consideration that Tower shareholders will receive in connection with the Merger, consisting of $53.00 in cash, without interest and less applicable withholding taxes, for each common share, with a par value of 15 .00 NIS per share, of Tower held by them immediately prior to the effective time of the Merger; and (d) all other transactions and arrangements contemplated in the Merger Agreement.

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