Notable Mergers and Acquisitions of the Day 5/20 (TSEM/JAZ, HEK/CWDKE, IACI)

May 20, 2008 9:50 AM EDT

StreetInsider.com Notable Mergers and Acquisitions of the Day:

• Tower Semiconductor Ltd. (NASDAQ: TSEM) and Jazz Technologies, Inc. (AMEX: JAZ) signed a definitive agreement by which Tower will acquire all of the outstanding shares of Jazz in a stock-for-stock transaction valuing Jazz at a fully diluted equity value of approximately $40 million.
  
  Under the terms of 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 approximately $169 million.
  
  
• Heckmann Corporation of Palm Desert, California (AMEX: HEK) and China Water and Drinks Inc. (OTCBB: CWDKE) today announced that they have signed a definitive agreement under which Heckmann would acquire China Water for a total purchase price of $625 million.
  
  Of the total price, approximately $455.0 million is expected to be paid in common stock at an exchange ratio of 0.80 per share of Heckmann stock for each share of China Water stock and approximately $170.0 million is expected to be paid in cash at $5.00 per share.
  
  
• IAC Consumer Applications & Portals, Inc., a division of IAC/InterActiveCorp. (Nasdaq: IACI), today announced that it has acquired StarNet Interactive, which products GirlSense.com, a virtual community that offers teen girls a place to develop social networks around fashion.
  

To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions

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