By Denny Jacob

Tower Semiconductor Ltd. shares soared 51% to $50.14 in Monday's after-hours trading session after The Wall Street Journal reported that Intel Corp. is close to a deal to buy the Israeli chip company for nearly $6 billion.

A deal could be unveiled as soon as this week assuming talks don't fall apart, according to people familiar with the matter.

This is the latest in a string of potential big deals in the works. Last week, The Wall Street Journal also reported that Cisco Inc. made a $20 billion takeover offer for software maker Splunk Inc.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

February 14, 2022 17:51 ET (22:51 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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