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Tower Semiconductor (NASDAQ:TSEM) rose 2.8% amid a report that Intel (NASDAQ:INTC) CEO Patrick Gelsinger is in China this week as the company waits for the antitrust regulator to decide on its $5.4 billion planned acquisition of the Israel-based chip maker.
Gelsinger's visit started Monday and will last until Thursday, and he's likely to meet with China's antitrust authority, the State Administration for Market Regulation, on his visit, according to a Dealreporter item on Tuesday, which cited sources familiar with the matter. An Intel spokesperson confirmed the CEO's visit to China.
The visit, Gelsinger's second in recent months, come as a termination deadline for the Tower Semi (TSEM) deal is approaching on August 15.
There are no signs that the deal has reached the final sign-off procedure by the Chinese antitrust regulator, according to the report.
Tower Semi (TSEM) shares have seesawed in recent months as investors have been concerned that the deal may not be approved in China. The Biden administration may complete an executive order that may cut off certain U.S. investments in China as soon as late July, according to a Bloomberg report last month.
Intel's Gelsinger said in late April that the semiconductor giant was making "progress" with Chinese regulators as far as its planned $5.4 billion acquisition of Tower Semi after meetings in China.
More on Tower Semi/Intel
- Tower Semiconductor: Great Company, But If The Deal Doesn't Happen, Slightly Expensive
- Tower Semiconductor weaker amid comments from Intel at conference
- Tower Semiconductor gains amid report Intel met with China antitrust regulator
- Geopolitical Roundup: Investing In China Is About To Become Harder
- Intel in remedy talks with China on Tower Semi, no approval in next few weeks - report
