Apollo’s offer comes shortly after news that chipmaking rival Qualcomm has approached Intel to explore a friendly acquisition.

Chipmaker Intel has rejected a bid by chip designer Arm Holdings for its product division, Bloomberg reported late Thursday.

Asset manager Apollo has reportedly offered to invest up to $5 billion in Intel, as rival chipmaker Qualcomm also eyes a takeover of the struggling semiconductor giant.

Qualcomm would face antitrust problems if it went after Intel. Intel’s business model wouldn’t complement Qualcomm’s core growth engines. A takeover would crush Qualcomm’s margins and wreck its balance sheet.