International Rectifier (IRF) and Vishay Intertechnology (VSH) have finally settled their long-standing dispute. International Rectifier refunded $30 million in lieu of money paid by Vishay for the acquisition of its Power Control Systems (PCS) business.It was also made to license some additional technology to Vishay that was developed subsequent to the closure of the deal. IRF was able to eke out one small advantage. The "not-to-compete" clause in the agreement was amended in its favor. Accordingly, subject to certain specified conditions, IRF is now able to develop, design, manufacture and sell products that are based on technologies already sold or licensed to Vishay.The sale was completed in April 2007 for $290 million. A year later, VSH wrote down the newly acquired automotive modules and subsystems business (part of the deal) by $32.3 million. It also claimed damages from IRF ...

Tower Semiconductor Ltd. (NASDAQ: TSEM) ended the week on a high note by announcing its merger with Jazz Technologies. The merger means the new company, Jazz Semiconductor, is created as a wholly-owned subsidiary of Tower Semiconductor. Tower is a specialty wafer foundry, while Jazz is a well-known specialist in Analog-Intensive Mixed-Signal Foundry solutions.

“We expect the merger of the two companies to provide expanded opportunities for growth based on the significant cross-selling opportunities and the broader, more complete product, technology, and service portfolio we are now able to offer to customers,” said Tower CEO Russell Ellwanger. “[We expect] significant improvements to our financial results, EBITDA and cash flow margins.”

In the move, Jazz Chairman and CEO will retire and begin to serve as a special advisor to the new Board of Directors. Ellwanger has been named chairman of the Jazz board of directors and is responsible for developing the final merger plan

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S&P Analyst Stuart Plesser rates JPMORGAN CHASE a STRONG BUY:

a. The company agrees to buy back $3 billion worth of auction-rate-securities and pay a $25 million fine.

b. The purchase will not reduce capital or result in material losses.

c. 48 target price

S&P Analyst Stewart Scharf rates WASTE MANAGEMENT a BUY:

a. Republic Services rejects Waste Management’s sweetened buyout bid of $37 per share in cash (about $6.7 billion), saying that the new offer undervalues Republic and that it remains committed to its own acquisition of Allied Waste Industries (AW) .

b.  Waste Management will have to restructure its proposal to include stock in order to meet its financing requirements, while offering a substantial premium to its latest bid, for Republic to even consider negotiating for a possible business combination.

S&P Analyst Rafay Khalid Rates VISHAY INTERTECHNOLOGY a BUY:

a. Vishay proposes to acquire International Rectifier

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