Why Does Intel Want Tower Semi?
Tower Semiconductor (TSEM) is towering higher today after agreeing to be acquired by Intel (INTC) for $53 per share in cash, a healthy 60% premium over yesterday's closing price. The deal, which was unanimously approved by the boards of both companies, is expected to be immediately accretive to Intel's non-GAAP EPS and should close in approximately 12 months.
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