Intel said it would offer $54 per share in cash, a 10.5 percent premium to Altera's closing price on Friday.
Altera, based in San Jose, California, rejected an
earlier unsolicited offer of $54 per share from Intel in April, a person familiar with the matter had told Reuters.
The deal is the third big one in the highly fragmented chip industry this year. Avago Technologies Ltd (AVGO.O) agreed last week to buy Broadcom Corp (BRCM.O) for $37 billion in the industry's biggest-ever takeover.
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