Intel Corp agreed to purchase Altera Corp for $16.7 billion as the world's biggest chipmaker seeks to make up for slowing demand from the PC industry by expanding its line-up of higher-margin chips used in data centers.By combining with Altera, Intel will be able to bundle its processing chips with the smaller company's programmable chips, which are used, among other things, to speed up Web-searches.Intel said on Monday it would offer $54 per share for San Jose, California-based Altera, a 10.5 percent premium to Altera's close on Friday.Altera's shares were trading at $51.79 shortly after midday, well below the offer price. That suggested that some investors felt there may be regulatory hurdles, but analysts said there was virtually no overlap of products between the companies.
Altera Corporation is a semiconductor company. The Company designs and sells high-performance, high-density programmable logic devices (PLDs), HardCopy application-specific integrated circuit (ASIC) devices, power system-on-chip devices (PowerSoCs), pre-defined design building blocks known as intellectual property (IP) cores, and associated development tools. Shares of ALTR traded higher by 6.04% or $2.95/share to $51.80. In the past year, the shares have traded as low as $30.47 and as high as $51.91. On average, 6503990 shares of ALTR exchange hands on a given day and today's volume is recorded at 54595863.