The shareholders of Jazz Technologies (stock symbol: [t]JAZ[/t]) have approved the company's merger with Tower Semiconductor.
Jazz Technologies Announces Stockholders Approved Merger Agreement with Tower Semiconductor
Wednesday September 17, 6:00 pm ET
NEWPORT BEACH, Calif. & MIGDAL HAEMEK, Israel--(BUSINESS WIRE)--Jazz Technologies (AMEX:JAZ - News), a leader in Analog-Intensive Mixed-Signal (AIMS) foundry solutions, today announced that at a special stockholders’ meeting held today, its stockholders voted in favor of the approval and adoption of the Agreement and Plan of Merger and Reorganization with Tower Semiconductor Ltd. (NASDAQ:TSEM - News)(TASE:TSEM). Jazz reported that approximately 66.1% of Jazz’s outstanding shares of common stock voted to approve the merger agreement, which exceeded the majority vote required for adoption of the agreement, and less than 1% of Jazz’s outstanding shares of common stock voted against approval of the merger agreement. Under the terms of the agreement, Tower will acquire all of the outstanding shares of Jazz in a stock-for-stock transaction.
About Jazz Technologies and Jazz Semiconductor
Jazz Technologies™ (AMEX:JAZ - News) is the parent company of Jazz Semiconductor®, Inc., a leading independent wafer foundry focused on Analog-Intensive Mixed-Signal (AIMS) process technologies. The company's broad process portfolio includes specialty technologies such as RF CMOS, Analog CMOS, Silicon and SiGe BiCMOS, SiGe C-BiCMOS, Power CMOS and High Voltage CMOS. Jazz also offers world-class design enablement tools to speed customers’ time from design to revenue production. For more information, please visit jazztechnologies.com and jazzsemi.com.
About Tower Semiconductor Ltd.
Tower Semiconductor Ltd. (NASDAQ:TSEM - News) (TASE:TSEM) is an independent specialty foundry that delivers customized solutions in a variety of advanced CMOS technologies, including digital CMOS, mixed-signal and RF (radio frequency) CMOS, CMOS image sensors, power management devices, and embedded non-volatile memory solutions. Boasting two world-class manufacturing facilities with standard and specialized process technologies ranging from 1.0- to 0.13-micron, Tower provides exceptional design support and technical services to help customers sustain long-term, reliable product performance, while delivering on-time and on-budget results. More information can be found at towersemi.com.
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