Intel Stock Advances After Report of Apollo Offer
By Dean Seal
Shares of Intel advanced following a Bloomberg report that Apollo Global Management has offered to make a multibillion-dollar investment in the company.
The stock was up 2.7% at $22.45 in premarket trading. When the market closed Friday, shares had fallen more than 56% since the start of the year but gained 3% during the trading day after The Wall Street Journal reported that Qualcomm had approached Intel about a takeover.
Citing unnamed sources, Bloomberg reported on Sunday that Apollo had indicated interest in investing as much as $5 billion in Intel.
Intel executives are weighing Apollo's proposal, though the size of the potential investment could change and discussions could fall apart, according to the report.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
September 23, 2024 06:39 ET (10:39 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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