Altera Shares Jump After $16.7B Intel Takeover

Shares of Altera (ALTR) ended Monday's trading day up almost 6 percent, making it TheStreet's Move of the Day. The stock rose after Intel (INTC) said it was buying the San Jose, Calif.-based chip manufacturer for roughly $16.7 billion in cash, or $54 per share. The deal still needs to be approved by regulators. 'Intel's growth strategy is to expand our core assets into profitable, complementary market segments,' said Brian Krzanich, CEO of Intel. 'With this acquisition, we will harness the power of Moore's Law to make the next generation of solutions not just better, but able to do more.' The Wall Street Journal reported that Intel's offer of $54 per share was turned away by Altera back in April, but negotiations restarted in May. 'Given our close partnership, we've seen firsthand the many benefits of our relationship with Intel--the world's largest semiconductor company and a proven technology leader, and look forward to the many opportunities we will have together,' said John Daane, President, CEO and Chairman of Altera. TheStreet's Scott Gamm reports from New York.