Tower Semiconductor Ltd. (TSEM), an independent specialty foundry, and Jazz Technologies (JAZ), an analog-intensive mixed signal foundry solutions provider, announced Wednesday that their proposed merger is currently expected close in a timely manner during September.
The Securities and Exchange Commission has declared effective the proposed merger, clearing the way for a Jazz stockholder vote on the merger. Jazz has set September 17 as the date for a special meeting of its stockholders to vote on the proposal.
In May, Tower Semiconductor proposed to acquire the outstanding shares of Jazz in a stock-for-stock transaction. The deal values Jazz at a fully diluted equity value of about $40 million, based on Tower's closing price on NASDAQ on May 19. As per the agreement, each outstanding share of Jazz common stock will be converted into the right to receive 1.8 Tower ordinary shares. The total value of the transaction, including net debt, is about $169 million.
TSEM is trading up $0.01 or 1.43% at $0.71 on a volume of about 2,450 shares. JAZ is trading up $0.0499 or 4.54% at $1.1499 on a volume of about 22 thousand shares.
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