- In what might be one of the most predictable acts of shareholder activism in recent memory, many large Altera (NASDAQ:ALTR) investors have sent letters to the company urging it to resume buyout talks with Intel (NASDAQ:INTC), sources tell Bloomberg. Cadian Capital (2.8% Altera stake) and TIG Advisors (1.5% stake) are said to be among the disgruntled parties.
- The letters followed reports Altera had rejected an Intel buyout offer in the low-to-mid $50s (Bloomberg reported $54/share). Altera closed at $34.58 the day before Intel buyout reports first broke, and at $43.86 today. They briefly tumbled on reports of Altera's rejection, but soon erased their losses as investors bet a deal would eventually occur.
- Altera +1.8% AH to $44.65. Intel's Q1 report arrives tomorrow afternoon; Altera's arrives on April 23.