Tower Semiconductor (NASDAQ: TSEM) stock is losing ground in Wednesday's trading. The chip specialist's share price was down 7.5% as of 11:30 a.m. ET, according to data from S&P Global Market Intelligence.

Tower Semiconductor was on track to be acquired to be acquired by Intel (NASDAQ: INTC) in a $5.4 billion deal, but the larger chip company announced today that it's canceling the buyout attempt. Intel was not able to receive approval on the acquisition from Chinese regulators.

Tower Semiconductor is an Israel-based semiconductor foundry company that specializes in the fabrication of analog integrated circuits. Intel has been aiming to ramp up its fabrication capabilities, and acquiring Tower looked to be sensible move for the chip giant, but the deal was never able to get the blessing of Chinese antitrust regulators. 

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Source Fool.com