Tower Semiconductor rises as Intel offers foundry services after failed merger

Tower Semiconductor

05/09/2023 13:59

** U.S-listed shares of Tower Semiconductor  TSEM.TA  rise
3.3% to $30.94 premarket
    ** Tech giant Intel  INTC.O  says it will offer foundry
services to Tower Semiconductor  TSEM.TA  in a new deal that
will see the Israeli contract chipmaker invest $300 million in
Intel's New Mexico factory
    ** Both companies dropped their $5.4-billion merger in
August, as the proposed deal failed to secure approval from
regulators in China
    ** Intel says it would pay a termination fee of $353 million
to TSEM
    ** Sector peers ON Semiconductor  ON.O , NXP Semiconductors
 NXPI.O  and Texas Instruments  TXN.O  were down between 0.4%
and 1.4% premarket
    ** INTC edges lower 0.3% to $36.49 premarket
    ** TSEM's average rating is "buy", analysts' median PT is
$34- Refinitiv
    ** Up to last close, stock had fallen ~31% YTD

 (Reporting by Arsheeya Bajwa in Bengaluru)
 ((ArsheeyaSingh.Bajwa@thomsonreuters.com // +91 8510015800))