TSEM - Tower Semi/Intel said to consider China antitrust clock suspension; pull/refile likely

• Intel ( NASDAQ: INTC ) and Tower Semiconductor ( NASDAQ: TSEM ) are said to be reviewing potentially asking China for a clock suspension in the antitrust regulator's review of the acquisition of Tower.
• The companies are considering the request as the review nears the end of the Phase III evaluation in China, according to a Dealreporter item, which cited people familiar. The parties are still most likely to pull and refile the deal with China's State Administration for Marker Regulation.
• SAMR hasn't yet told the companies what its concerns with the deal are, though the regulatory has recently given a new round of questions to the Intel ( INTC ) and Tower Semi ( TSEM ), according to Dealreporter.
• Intel ( INTC ) reiterated in Q1 earnings call in late October that it expected the the Tower ( TSEM ) deal to be completed in Q1.
• Intel ( INTC ) agreed to acquire Tower Semi ( TSEM ) for $53 per share in cash, representing a total enterprise value of ~$5.4B in February.

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