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Reuters reports EU regulators have approved Intel's (NASDAQ:INTC) planned $54/share ($16.7B) acquisition of Altera (ALTR +1.3%), following September clearance from the DOJ. Regulatory approval has been widely expected - Intel doesn't compete with Altera's core FPGA products, and Xilinx remains a formidable rival FPGA supplier.
- Altera still trades $1.60 below Intel's buyout price. SA author Chris DeMuth Jr. has been arguing a good merger arb opportunity exists. He estimated yesterday Altera's net arbitrage spread (diminished a bit today) spelled a 15% annual return.
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3 days ago: Altera shareholders approve Intel deal