Mobileye’s stock rockets after report of buyout by Intel for up to $16 billion

Shares of Mobileye N.V.
soared 34% in active premarket trade Monday, after a news report that Intel Corp.
was buying the camera-based driver assistance systems company for up to $16 billion. Israeli news service TheMarker reported Monday reported that the deal would be announced as early as Monday morning, with Intel paying $15 billion to $16 billion for Jerusalem-based Mobileye, which would mark the largest-ever deal for an Israel-based company. Intel’s stock slipped 0.3% in premarket trade. A deal for $16 billion would be 52% above Mobileye’s market capitalization of $10.5 billion as of Friday’s close. The stock traded at $63.55 ahead of the open, putting it on track for the highest open since August 2015. The stock has rallied 30% over the past three months through Friday, while Intel shares have lost 2.4% and the S&P 500
has gained 4.4%.

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