Jazz Technologies shareholders OK acquisition by Tower Semiconductor

By Lisa Kerner

Charlotte, N.C., Sept. 17 - Jazz Technologies, Inc. shareholders voted in favor of the company's merger with Tower Semiconductor Ltd. at a special meeting on Wednesday.

According to Jazz, approximately 66.1% of its outstanding shares of common stock voted to approve the merger agreement, exceeding the majority vote required.

Less than 1% of Jazz's outstanding shares of common stock voted against approving the deal, a Jazz news release said.

It was previously reported that Tower Semiconductor agreed to acquire Jazz in a stock-for-stock deal valued at $169 million, including net debt.

Each outstanding share of Jazz common stock will be converted into the right to receive 1.8 Tower Semiconductor ordinary shares.

Tower Semiconductor is a Migdal Haemek, Israel, independent specialty wafer foundry.

Jazz is the parent company of Jazz Semiconductor, Inc., an independent wafer foundry based in Newport Beach, Calif.

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