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.

Intel being acquired by Qualcomm appears unlikely, despite reports indicating discussions between the semiconductor companies last week. Read more here.

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.