Andrew Freedman Quoted in The Deal on Apollo’s Potential $5 Billion Investment in Intel Amid Qualcomm Bid

Olshan Co-Managing Partner and Chair of the Shareholder Activism Practice Andrew Freedman was quoted in The Deal (subscription required) regarding Apollo Global Management Inc.'s potential $5 billion cash investment in Intel Corp., as it faces an unsolicited bid by Qualcomm Inc.  Andy remarked, "Apollo may sense an opportunity here given Intel's recent struggles and how management could benefit from a cheerleader like Apollo in its ranks." He suggested that Qualcomm's overture might have been the "call to action for Apollo's round two investment." Andy further noted that having Apollo as a partner during a hostile bid "is a boon for Intel," offering Apollo the chance to invest in a storied company at a "bargain-basement price." While details about Apollo's $5 billion investment in Intel remain unclear, companies often seek friendly investors like "white squires" to defend against hostile bids, typically through convertible preferred shares. If Qualcomm escalates its bid for Intel to a hostile takeover, Intel could strengthen its defense by aligning with a high-profile investor who would gain directorship and favor the incumbent board.