(Bloomberg) — Intel Corp. shares jumped as much as 9.5% Friday morning after a report on a technology news site said the beleaguered chipmaker is an acquisition target.
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SemiAccurate, a tech-focused newsletter founded by Charlie Demerjian, said it was “read an email about a company trying to acquire Intel, whole” and that the “mystery company has the resources to pull it off.” The report did not name the firm potentially interested in buying Intel.
Once the world’s dominant chipmaker, Intel has struggled in recent years to keep up in a competitive and fast-changing industry. Last month, Chief Executive Officer Pat Gelsinger was forced out after the board lost confidence in his plans to turn around the iconic company. Its stock fell 60% last year, and the shares are only now back at their level from early December. Its market valuation is about $90 billion.
Buyers have circled Intel even before Gelsinger’s ouster and takeover speculation has accelerated since then. Qualcomm Inc. approached Intel to discuss a potential acquisition before eventually cooling on the idea, Bloomberg reported last year. Arm Holdings Plc similarly inquired about possibly buying Intel’s product division, but was told the business wasn’t for sale, Bloomberg reported in September.
Intel couldn’t immediately be reached for comment.
(Updates with additional details throughout.)
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