Jazz Technologies sets record date in planned merger with Tower Semiconductor

By Lisa Kerner

Charlotte, N.C., July 29 - Jazz Technologies, Inc. said Aug. 8 is the record date for its special meeting of stockholders.

No date for the special meeting has been set, Jazz said in a form 8-K filed with the Securities and Exchange Commission.

Jazz shareholders will be asked to vote on a proposal to approve and adopt the agreement and plan of merger and reorganization with Tower Semiconductor Ltd. and its wholly owned subsidiary, Armstrong Acquisition Corp.

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 ordinary shares, according to a prior news release.

Both companies' boards of directors have unanimously approved the transaction, which is slated to close in the second half of 2008, it was noted previously.

Tower 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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