Merger of Tower Semiconductor, Jazz Technologies to close in September

By Lisa Kerner

Charlotte, N.C., Aug. 13 - Tower Semiconductor, Ltd. said its registration statement on form F-4 was declared effective by the Securities and Exchange Commission, clearing the way for a vote by Jazz Technologies, Inc. stockholders on the companies' proposed merger on Sept. 17.

The merger is expected to close in September, a Jazz news release said.

Jazz notified its stockholders of the meeting and the Aug. 8 record date in an Aug. 12 letter.

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.

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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