Posted 24 July 2006 - 05:23 PM
Advanced Micro Devices (AMD) announced today that it has agreed to buy ATI Technology (ATYT).ATI is a maker of graphics processors and chipsets that support microprocessors. AMD believes that this move will open a new front in its rivalry with Intel Corp (INTC). Advanced Micro will pay $4.2 billion in cash and issue 57 million shares as payment for ATYT. The deal values ATYT shares at $20.47 apiece, which is a 24-percent premium over Friday's closing price. The news sent INTC nearly two percent higher on the day(17.48,+.33), and ATYT's chief rival, NVIDIA (NVDA) (13.56, +1.79) moved more than 10 percent higher. AMD finished the day at 17.39, -.87 ...
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