TSEM - Why Tower Semiconductor Fell This Week
2023-08-18 08:45:00 ET
Shares of Tower Semiconductor (NASDAQ: TSEM) fell 11.3% this week through Thursday trading, according to data from S&P Global Market Intelligence .
Tower fell this week after it announced its pending acquisition by Intel (NASDAQ: INTC) would be terminated, as neither party had received approval from Chinese authorities by the Aug. 15 termination date.
Despite Tower being set to receive a $353 million termination fee, the stock fell back to earth anyway, as Intel had offered the company a lofty $54 per share acquisition price -- a substantial premium over where Tower was trading before the February 2022 offer.
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Why Tower Semiconductor Fell This Week