HONG KONG— Intel said on Wednesday it would walk away from its more-than-$5 billion proposed acquisition of Israeli chip maker Tower Semiconductor after failing to win regulatory approval for the deal. The deal required approval from a number of jurisdictions, and China’s State Administration for Market Regulation had yet to sign off by Tuesday’s approval deadline. Intel said it would pay a $353 million termination fee to Tower, in line with the terms of their agreement.
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