Tower Semiconductor (TSEM) To Acquire Jazz Technologies (JAZ) In Stock-for-Stock Deal

May 20, 2008 7:05 AM EDT

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.

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