AMD hält x86-Patente von Intel, die bereits in den 1980er Jahren erworben wurden und 2009 verlängert. Bei einer Übernahme würden die Lizenzen nichtig.
www.recode.net/2015/01/27/why-you-shouldnt-bet-on-a-takeover-of-amd/
...For instance, when AMD sought to spin off its manufacturing operations and create the company now known as GlobalFoundries, Intel cried foul, saying that AMD could not extend the license to a third party. AMD might have been prevented from executing on a strategic move that essentially saved it from financial oblivion: At the time, those expensive factories were dragging it down.
The cross-licensing agreement was last extended in 2009 at a series of deeply contentious meetings in Maui between AMD’s lawyers and Andy Bryant, Intel’s longtime CFO and now chairman. The meetings involved a mediator, San Francisco lawyer Antonio Piazza, who had helped the companies strike a similar deal in the mid-1990s. The deal formed a portion of the settlement of an even more complicated antitrust lawsuit AMD had brought.
That instance illustrates the extent to which Intel would quickly assert itself as a third party in any takeover talks between AMD and a potential buyer. Intel would essentially have the right to veto a buyout because it could easily cancel the x86 license, making AMD fundamentally less attractive to own. It would be no easy deal to conclude. And even if Intel did approve, the license is subject to occasional renewal. Some years down the road, Intel could simply refuse to engage in any renewal talks with the new owner.
The prospect of complicated negotiations alone is probably enough to scare off a potential acquirer. So don’t bet any money on an AMD buyout until there’s a formal offer on the table and Intel has signaled it is unlikely to stand in the way. Until that happens, these rumors are just that: Rumors.