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       Sector: Technology  >  Industry: Semiconductors
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From the Blogosphere

Tower Semi Rallies On Solid Q2, Strong Q3 Guidance
N/A

Tower Semiconductor (TSEM), a contract wafer fab based in Migdal Haemek, Israel, today posted Q2 revenue of $60.6 million, up 4% from Q1 revenue of $58.1 million, and toward the upper end of the company’s guidance range. The company posted a non-GAAP profit of $5.4 million. (Weirdly, it did not report EPS in the release or in its financial filings today.)

<>Tower said it expects Q3 revenue of $73 million to $77 million, up 24% sequentially at the midpoint of the range, with 28% growth year over year. The company said it expects to be the one company in the foundry business to post year over ...
By  Eric Savitz (Barron's)    08/12/09 Comment


Merger Arbitrage Opportunity in Jazz Technologies?

Jazz Technologies (JAZ) announced on May 19, 2008 that they are being acquired by Tower Semiconductor (TSEM). The final decision of the deal is expected to be announced dependent on the results of the special meeting of shareholders scheduled for September 17, 2008. When I started to look into this merger yesterday, the spread was at 15%. Today, August 13, the spread fluctuates between 6-9%. However, this still comes out to an annualized gain in the range of 40-72%.

Basics Of The Merger

<>
  • If the deal goes through, each share of JAZ will be converted to 1.8 shares of TSEM.
    • <>Fractional shares wil...
    By  Jae Jun   (-7.72%  risk: moderate)  08/31/08 Comment


    Tower Semi To Buy Jazz Technologies In Stock Deal; Amelio’s Troubled SPAC Comes To A Merciful End
    N/A
    <>Tower Semiconductor (TSEM) has agreed to buy Jazz Technologies (JAZ) for $40 million in stock plus the assumption of debt; total transaction value is $169 million. Each Jazz share will be converted into the right to receive 1.8 Tower shares. In February, Jazz had announced that it was seeking a buyer.

    This isn’t a big deal, but it has some interesting elements. Jazz came public in 2006, raising $150 million in a $6 a share offering; the company started life as a SPAC, a special purpose acquisition company, known as Acquicor Technologies. A SPAC, of course, is basically a gussied up blind ...
    By  Eric Savitz (Barron's)    05/20/08 Comment


    Notable Mergers and Acquisitions of the Day 5/20 (TSEM/JAZ, HEK/CWDKE, IACI)
    StreetInsider.com Notable Mergers and Acquisitions of the Day:<>
  • 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.
    • <>Heckmann Corp...
    By  Street Insider   (+19.84%  risk: moderate)  05/20/08 Comment


    Pre-Open Movers 5/20: Netflix (NFLX) Higher On Upgrade, SMART Modular (SMOD) Sinks on Warning
    <>StreetInsider.com Pre-Open Movers:

    Jazz Technologies, Inc. (AMEX: JAZ) 82% HIGHER; Tower Semiconductor Ltd. (NASDAQ: TSEM) and Jazz Technologies 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.

    SMART Modular Technologies (Nasdaq: SMOD) 20% LOWER; revised its previously issued Q3 earnings guidance: the company now expects sales of $150-$155 million, versus the consensus of $164.93 million and compared to $160 million in revs during the sam...
    By  Street Insider   (+19.84%  risk: moderate)  05/20/08 Comment



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