TSEM - Tower Semiconductor weaker amid comments from Intel at conference

2023-05-31 11:47:04 ET

Tower Semiconductor ( NASDAQ: TSEM ), which agreed to a $5.4 billion sale to Intel ( NASDAQ: INTC ) last February, fell 4% at least partly amid some comments that Intel ( INTC ) made at a conference on Wednesday.

Intel ( INTC ) CFO David Zinsner responded to a question about what happens if the Tower Semi ( TSEM ) deal isn't completed.

"If, for reasons out of our control, that doesn't happen, though I think we have all the elements and Pat has done a good job shifting that team's focus to be more customer oriented in a way that we can be successful regardless," Zinsner said at the TD Cowen Technology, Media, and Telecom conference on Wednesday.

The Intel CFO comments come after Intel CEO Pat Gelsinger said late last month that the semiconductor giant was making "progress" with Chinese regulators as far as its planned $5.4 billion acquisition of Tower Semi after  meetings in China.

Investors have been waiting for China's antitrust approval for the Tower Semi ( TSEM ) deal since the $53 a share deal was announced last February.

Tower Semi ( TSEM ) fell 5.5% a week ago amid a report that the transaction was at a standstill at China's State Administration for Market Regulatio n on some industrial concerns.

Tower Semi ( TSEM ) earlier spiked up 3.1% amid comments from Intel at the TD Cowen conference when Intel said it expected revenue to be at the upper end of its range. Intel rose 3.7%.

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