NEW YORK (TheStreet) -- Intel (INTC) shares are up 1.94% to $34.67 on heavy volume in early market trading on Friday on reports that the digital technology manufacturer is closing in on a deal to purchase semiconductor manufacturer Altera (ALTR) for approximately $15 billion, according to the New York Post.
The deal could be worth $54 per share, a 15% premium over Altera's previous closing price of $46.97, the New York Post added.
The standstill agreement the company signed with Altera earlier this year promising not to launch a hostile takeover bid expires on June 1.
Altera rejected a previous $54 per share bid from Intel in April, according to Reuters.
The potential deal would represent the second multi-billion consolidation of the chip making industry in recent days.
Separately, TheStreet Ratings team rates INTEL CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate INTEL CORP (INTC) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, reasonable valuation levels and solid stock price performance. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."