Jazz Technologies (JAZ) announced on May 19, 2008 that they are being acquired by Tower Semiconductor (TSEM). The final decision of the deal is expected to be announced dependent on the results of the special meeting of shareholders scheduled for September 17, 2008. When I started to look into this merger yesterday, the spread was at 15%. Today, August 13, the spread fluctuates between 6-9%. However, this still comes out to an annualized gain in the range of 40-72%.
Tower Semiconductor (TSEM) has agreed to buy Jazz Technologies (JAZ)
for $40 million in stock plus the assumption of debt; total transaction
value is $169 million. Each Jazz share will be converted into the right
to receive 1.8 Tower shares. In February, Jazz had announced that it was seeking a buyer.
Dismantling Yahoo. A source says Microsoft's (MSFT) most recent proposal to Yahoo (YHOO) would see Microsoft buying Yahoo's search ad business, Yahoo selling its Asia assets (including stakes in Yahoo Japan and Alibaba), and Microsoft buying a stake in what remains of Yahoo. Microsoft floated the idea with Yahoo executives, but has not formalized it, nor has it put a price tag on Yahoo's search business. One analyst thinks...
Specialty chip foundry Jazz Technologies (JAZZ) needs to
double in size ? either by buying another company or being bought, says
the company?s chief financial officer, Paul A. Pittman. That?s why
Newport Beach-based Jazz recently hired an investment banker to pursue strategic alternatives, Pittman told analysts Wednesday at the Roth Capital stock conference in Dana Point.
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