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Jazz and Tower receive stockholder go-ahead
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The
takeover of Jazz Semiconductor by Tower Semiconductor has received
approval from Jazz’s stockholders for the adoption of the Agreement and
Plan of Merger and Reorganization. Tower will now acquire all of the
outstanding Jazz shares in a stock-for-stock agreement.
66.1% of Jazz’s outstanding shares of common stock voted in favour of the merger agreement, exceeding the majority vote required for the agreement to go ahead, while less than 1% of Jazz’s outstanding shares of common stock voted against approval of the merger agreement.