IBM is waiving its right to a seat on Intel’s board.
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The computer maker said it will not replace Arthur Northrop, who resigned Dec. 31, 1985. IBM became entitled to a seat on Intel’s board after it purchased 12.5 million Intel shares in 1983. IBM, which now owns 20% of the Santa Clara, Calif.-based semiconductor maker, said last week that it was considering a debt offering of about $300 million, convertible into shares of Intel. IBM said the waiver was for technical reasons connected to that offering.
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