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Beijing requires mergers involving companies with a major business presence in China to be approved by the State Administration for Market Regulation (SAMR), the antitrust regulator. China is one of Intel's largest markets. The company also houses several factories there.
The U.S. chip giant will pay a termination fee of $353 million to Tower. Intel announced plans to buy Tower in February 2022 for $5.4 billion. Tower is a contract chipmaker that manufactures semiconductors for other companies.
Follow Intel Newsroom on social: 15, 2022. ? In ance with the terms of the merger agreement and in connection with its termination, Intel will pay a termination fee of $353 million to Tower.
16, 2023 ? Intel Corporation (Nasdaq: INTC) today announced that it has mutually agreed with Tower Semiconductor (Nasdaq: TSEM) to terminate its previously disclosed agreement to acquire Tower due to the inability to obtain in a timely manner the regulatory approvals required under the merger agreement, dated Feb.
15, 2022. ? In ance with the terms of the merger agreement and in connection with its termination, Intel will pay a termination fee of $353 million to Tower.