Key Developments: Intel Corp (INTC.O)
23.92USD
24 May 2013
$-0.13 (-0.53%)
$24.05
$23.92
$24.04
$23.58
30,861,698
43,979,358
$27.75
$19.23
Latest Key Developments (Source: Significant Developments)
Intel Corp's CEO Shakes Up Units, Creates 'New Devices' Group-Reuters
Reuters reported that Intel Corp's new chief executive, Brian Krzanich, has launched a sweeping company reorganization and created a unit aimed at growing its market share in mobile technology. The shakeup, announced internally just days after the 30-year veteran took the helm, places of the main product groups of the top chipmaker directly under the CEO's supervision and hands its sprawling global manufacturing operation to new president Renee James, said a source close to the Company, who declined to be identified. Details of the reorganization were outlined in an internal memo sent to employees on Monday. It was described to Reuters by a company source and details of the reorganization, which is effective immediately. Full Article
Stonesoft Oyj Updates on Intel Corporation's McAfee Tender Offer
Stonesoft Oyj announced that the Finnish Financial Supervisory Authority has approved the tender offer document relating to the tender offer made by Intel Corporation's McAfee Suomi Funding LLC, an affiliate of McAfee Inc. to acquire purchase all of the issued and outstanding shares in Stonesoft and option rights that are not owned by Stonesoft or any of its subsidiaries. The acceptance period under the tender offer will commence on May 21, 2013 at 9:30 a.m. Finnish time and expire on June 11, 2013 at 4:00 p.m. Finnish time. The offeror reserves the right to extend the acceptance period in accordance with the terms and conditions of the tender offer. Full Article
Stonesoft Oyj Recommends Shareholders to Accept Tender Offer Made by Intel Corp's McAfee, Inc.
Stonesoft Oyj announced that Board of Directors of the company has carefully evaluated the tender offer made by Intel Corp's McAfee, Inc. (the offeror) for all of the outstanding shares in Stonesoft that are not owned by Stonesoft or any of its subsidiaries, and believes that the consideration of EUR 4.50 offered by the offeror for the shares is fair. Accordingly, the Board of Directors recommends that the shareholders and option holders of Stonesoft accept the tender offer made by the offeror. Full Article
Intel Corp's McAfee to Acquire Stonesoft Oyj
McAfee, a wholly owned subsidiary of Intel Corp announced the execution of a definitive agreement to initiate a conditional tender offer for the acquisition of Stonesoft Oyj a innovator innetwork firewall products, for an aggregate equity value of approximately $389 million in cash. Stonesoft delivers software-based, dynamic, customer-driven, cyber security solutions to secure information flow and simplify security management. Stonesoft`s product portfolio of firewalls, evasion prevention systems, and SSL VPN solutions addresses businesses of all sizes. Through the pending acquisition of Stonesoft, McAfee expects to extend its leadership position in network security. Full Article
Intel Corp's McAfee Suomi Funding LLC Makes Voluntary Public Tender Offer to Purchase All Shares and Option Rights in Stonesoft Oyj
Stonesoft Oyj announced that Stonesoft Oyj and McAfee, Inc. have on May 5, 2013 entered into a Combination Agreement under which they agree to combine the operations of Stonesoft and McAfee and in order to effect the combination, McAfee Suomi Funding LLC (Offeror), an affiliate of McAfee and a wholly-owned indirect subsidiary of Intel Corp, will make a voluntary public tender offer to purchase all of the issued and outstanding shares and option rights in Stonesoft that are not owned by Stonesoft or any of its subsidiaries (Tender Offer). The price offered for each share validly tendered in the Offer will be EUR 4.50 in cash. The main shareholders of Stonesoft, representing jointly approximately 34.7% of the shares and votes in Stonesoft, have irrevocably and unconditionally undertaken to accept the Tender Offer. The acceptance period under the Tender Offer is expected to commence on or about May 21, 2013 and to run for approximately three weeks. The Offeror reserves the right to extend the offer period from time to time in accordance with the terms and conditions of the Tender Offer. UBS Limited is the financial advisor and Bird & Bird Attorneys Ltd. is legal advisor to Stonesoft. Goldman Sachs International is the financial advisor to McAfee. Roschier, Attorneys Ltd. is Finnish legal advisor and Morrison & Foerster LLP is U.S. legal advisor to McAfee and Intel in connection with the Offer. Pohjola Corporate Finance Ltd acts as arranger of the Offer. Full Article
Intel Corp Elects Brian Krzanich As CEO
Intel Corp announced that Board Of Directors has unanimously elected Brian Krzanich as its next Chief Executive Officer (CEO), succeeding Paul Otellini. Krzanich will assume his new role at the Company`s annual stockholders` meeting on May 16. Full Article
Lehman Brothers Inc Sue Intel Corp Over $1 Billion In Seized Collateral-Reuters
Reuters reported that Lehman Brothers Inc has sued Intel Corp accusing the chip maker of seizing $1 billion in collateral in breach of a swap agreement. Under the swap agreement, executed days before Lehman filed for bankruptcy in 2008, Intel gave $1 billion to a derivatives unit of Lehman Brothers in exchange for 50.5 million Intel shares, to be delivered on the settlement date of September 29, 2008, according to the filing made in a New York bankruptcy court. The unit, Lehman Brothers OTC Derivatives Inc (LOTC), posted $1 billion in cash collateral to Intel also as part of the agreement. The agreement specified that Intel would be compensated for losses in case of early termination of the deal. Full Article
Intel Corp Issues Q2 2013 Revenue Guidance In Line With Analysts' Estimates; Reaffirms FY 2013 Revenue Guidance
Intel Corp announced that for the second quarter of 2013, it expects revenue to be $12.9 billion, plus or minus $500 million and for fiscal 2013, it expects revenue to be in the low single digit percentage increase, unchanged from prior expectations. This guidance does not include the potential impact of any business combinations, asset acquisitions, divestitures or other investments that may be completed after April 16, 2013. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $53.62 billion for fiscal 2013; revenue of $12.59 billion for the second quarter of 2013. Full Article
Cisco Systems Inc, International Business Machines Corp, Intel Corp And Others Team Up On New Technology Project-Reuters
Reuters reported that Cisco Systems Inc, International Business Machines Corp (IBM) and Citrix Systems Inc have joined forces with other tech companies in a consortium to kickstart the corporate market for software-defined networking (SDN), aimed at making network management easier and cheaper. Other members of the development platform called OpenDaylight include Juniper Networks, Inc., VMware Inc, Microsoft Corp, Red Hat, Inc., Intel Corp and Brocade Communications Systems Inc as well as privately held Big Switch Networks and Arista Networks. Each member will contribute technology such as code to the project in an effort to share the costs of basic research and development, and enable products from different vendors to work together. Vendors will still be able to customize their offerings to differentiate themselves from rivals. The SDN market is still considered nascent, but is expected to grow to $3.7 billion by 2016 from an estimated $360 million this year, according to research firm IDC. The first code from OpenDaylight is expected to be released in the third quarter of this year. Full Article
Apple Inc, Google Inc Won't Face Poaching Class Action Suit, Yet And Defendants Includes Adobe Systems Inc, Intel Corp, Intuit Inc, And Walt Disney Co's Lucasfilm Ltd-Reuters
Reuters reported that a U.S. judge ruled that a lawsuit alleging a broad conspiracy among Silicon Valley companies not to poach each other's employees cannot proceed as a class action for now, but left the door open for workers to eventually sue as a group. In a decision released on Friday, U.S. District Judge Lucy Koh in San Jose, California said the five software engineers suing Apple Inc, Google Inc and five other companies have yet to show enough in common among the proposed class members to allow them to sue together. But in deciding to give the plaintiffs another chance, the federal judge said she was 'keenly aware' new evidence had recently become available that could support class certification. She also said the nature of the 'alleged overarching conspiracy' and desire to litigate it all at once weighed 'heavily' in favor of certifying a class, which the plaintiffs' lawyers have said could include tens of thousands of people. If the plaintiffs win class certification, then they would have more leverage to extract large financial settlements than if they were to sue individually. Other defendants in the case include Adobe Systems Inc, Intel Corp, Intuit Inc, and Walt Disney Co's Lucasfilm Ltd and Pixar units. The defendants were accused of violating the Sherman Act and Clayton Act antitrust laws by conspiring to eliminate competition for labor, depriving workers of job mobility and hundreds of millions of dollars of compensation. Full Article
UPDATE 4-Intel CEO shakes up units, creates 'new devices' group
SAN FRANCISCO, May 21 - Intel Corp's new chief executive, Brian Krzanich, has launched a sweeping company reorganization and created a unit aimed at growing its market share in mobile technology.
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