The chipmaker made a $740M bet in 2014 that valued the software developer at $4.1B. That has brought Intel to a 22% stake.
But an agreement that takes effect with the offering covers the "Intel Maximum Percentage" -- a provision that limits Intel's ability to acquire more than 20% of fully diluted capital stock.
An 11M-share offering where Intel doesn't sell any of its stake brings Intel's ownership down to 20%. But another investor buying more than 20% would allow Intel to go higher -- or it could go for a full buyout.
Intel hasn't just been a passive investor; it's actively been developing and marketing products with Cloudera.
Now read: Intel: Buy-On-Weakness Opportunity? »
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