Intel Corp. is expected to call off its planned $5.4 billion acquisition of Tower Semiconductor Ltd. as time to win regulatory approval runs out, according to people familiar with the matter.
The deadline for the transaction, announced in early 2022, is midnight California time on Aug. 15 and the companies don’t anticipate getting approval from China by that time, said the people, who asked not to be identified because the details are private.
A representative for Intel declined to comment on the approaching deadline, while Tower didn’t immediately respond to a request for comment.
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