Altera Shareholders Cadian, TIG Said to Push for Sale to Intel
2015-04-13 20:24:57.129 GMT
By Alex Sherman and Ian King
(Bloomberg) -- Cadian Capital Management and TIG Advisors
are among Altera Corp. shareholders that have sent letters to
the company’s management, urging them to return to the
negotiating table with Intel Corp., people with knowledge of the
matter said.
The letters question Altera’s ability to create enough
value on its own to match Intel’s offer, said the people, who
asked not to be identified because the letters are private.
Several other of Altera’s largest investors also have sent
letters, two of the people said. Intel bid about $54 a share for
Altera, people familiar with the matter said last week.
Talks between Altera, a maker of programmable
semiconductors, and the world’s largest chipmaker ended after
Altera turned down Intel’s takeover proposal, people familiar
with the situation told Bloomberg April 9. Altera’s stock gained
in the days following the news, signaling that some investors
believed a deal at that price would be attractive.
Cadian is Altera’s 11th-largest shareholder, with about 2.8
percent of outstanding shares, according to data compiled by
Bloomberg. Based on Monday’s closing price of $43.86 a share,
the stake is valued at about $366 million. Altera, with a market
value of about $13.2 billion, is the New York-based investment
firm’s largest holding, according to a year-end filing.
TIG, a New York-based investment firm, owns about 1.5
percent of Altera’s outstanding shares, one of the people said.
Analysts were projecting Altera stock would hit just $37.91
over the next 12 months. The shares were trading at about $35 a
share in March, before reports that the two companies were in
talks.
Chuck Mulloy, a spokesman for Intel, declined to comment.
Sue Martenson, a spokeswoman for Altera, didn’t respond to
requests for comment.
For Related News and Information:
Intel’s Deal Ambition Ramps Up Chipmaker Consolidation: Real M&A
Altera Is Said to Reject Intel Offer of About $54 a Share
Intel Cuts Sales Forecast on Lower Demand for Computers
Bloomberg Intelligence, semiconductor devices: BI SEMI <GO>
Top deal news: DTOP <GO>
Real M&A columns: NI REALMNA <GO>
To contact the reporters on this story:
Alex Sherman in New York at +1-212-617-8278 or
asherman6@bloomberg.net;
Ian King in San Francisco at +1-415-617-7171 or
ianking@bloomberg.net
To contact the editors responsible for this story:
Mohammed Hadi at +1-212-617-2914 or
mhadi1@bloomberg.net
Elizabeth Wollman, Andrew Pollack
2015-04-13 20:24:57.129 GMT
By Alex Sherman and Ian King
(Bloomberg) -- Cadian Capital Management and TIG Advisors
are among Altera Corp. shareholders that have sent letters to
the company’s management, urging them to return to the
negotiating table with Intel Corp., people with knowledge of the
matter said.
The letters question Altera’s ability to create enough
value on its own to match Intel’s offer, said the people, who
asked not to be identified because the letters are private.
Several other of Altera’s largest investors also have sent
letters, two of the people said. Intel bid about $54 a share for
Altera, people familiar with the matter said last week.
Talks between Altera, a maker of programmable
semiconductors, and the world’s largest chipmaker ended after
Altera turned down Intel’s takeover proposal, people familiar
with the situation told Bloomberg April 9. Altera’s stock gained
in the days following the news, signaling that some investors
believed a deal at that price would be attractive.
Cadian is Altera’s 11th-largest shareholder, with about 2.8
percent of outstanding shares, according to data compiled by
Bloomberg. Based on Monday’s closing price of $43.86 a share,
the stake is valued at about $366 million. Altera, with a market
value of about $13.2 billion, is the New York-based investment
firm’s largest holding, according to a year-end filing.
TIG, a New York-based investment firm, owns about 1.5
percent of Altera’s outstanding shares, one of the people said.
Analysts were projecting Altera stock would hit just $37.91
over the next 12 months. The shares were trading at about $35 a
share in March, before reports that the two companies were in
talks.
Chuck Mulloy, a spokesman for Intel, declined to comment.
Sue Martenson, a spokeswoman for Altera, didn’t respond to
requests for comment.
For Related News and Information:
Intel’s Deal Ambition Ramps Up Chipmaker Consolidation: Real M&A
Altera Is Said to Reject Intel Offer of About $54 a Share
Intel Cuts Sales Forecast on Lower Demand for Computers
Bloomberg Intelligence, semiconductor devices: BI SEMI <GO>
Top deal news: DTOP <GO>
Real M&A columns: NI REALMNA <GO>
To contact the reporters on this story:
Alex Sherman in New York at +1-212-617-8278 or
asherman6@bloomberg.net;
Ian King in San Francisco at +1-415-617-7171 or
ianking@bloomberg.net
To contact the editors responsible for this story:
Mohammed Hadi at +1-212-617-2914 or
mhadi1@bloomberg.net
Elizabeth Wollman, Andrew Pollack