Intel Corporation (NASDAQ:INTC) shares are trading lower after the company and Tower Semiconductor (NASDAQ:TSEM) terminated their pending merger agreement.
What To Know: The cause for the termination was explained as the failure to promptly secure the necessary regulatory approvals outlined in the merger agreement.
Despite the termination, Pat Gelsinger, CEO of Intel, expressed a positive sentiment towards Tower, stating, “Our foundry efforts are critical to unlocking the full potential of IDM 2.0, and we continue to drive forward on all facets of our strategy.”
“We are executing well on our roadmap to regain transistor performance and power performance leadership by 2025, building momentum with customers and the broader ecosystem and investing to deliver the geographically diverse and resilient manufacturing footprint the world needs. Our respect for Tower has only grown through this process, and we will continue to look for opportunities to work together in the future.”
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INTC Price Action: Shares of INTC were down 2.56% at $33.88 at the time of publication, according to Benzinga Pro.
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