Eric Jackson, the founder and president of EMJ Capital, joins Yahoo Finance’s Executive Editor Brian Sozzi and Catalyst hosts Seana Smith and Madison Mills to take a look at the challenges facing Intel (INTC) and where the legacy chipmaker goes from here.

“I don't see a quick fix here. I don't see a lever to pull, whether it's taking money from Apollo, separating the company into two businesses.” Apollo Global Management (APO), which is Yahoo's parent company, has reportedly offered a multibillion-dollar investment in the legacy chipmaker. There have also been reports that the company is considering splitting into two to separate its foundry segment from the rest of its business.

“All of these roads I see leading to basically a ten-year slog in trying to turn this company around to fix the cultural issues. And unfortunately, that's just I don't see any faster way for Intel,” Jackson explains.

“The biggest thing that they have going for them is that the United States and the Western world need this Intel and their foundry business to succeed. It has to succeed, whether it's independently or it's part of Qualcomm (QCOM) or somebody else. But there has to be a protection against the possibility that [Taiwan Semiconductor Manufacturing Company (TSM)] gets sort of taken out if China was to invade Taiwan.”

Qualcomm has reportedly approached Intel to discuss a takeover. The deal would be subject to regulatory approval concerning antitrust issues, though Jackson says this aspect isn’t a significant hurdle for the companies. “Qualcomm taking out Intel would pass muster because it's all about America. An American having basically a stake in this game going forward, so I think regulators would approve it.”

The portfolio manager suggests that it's not regulators that stand in the way of the deal but the companies themselves. “Would Qualcomm investors be jazzed about it? Would Intel investors be jazzed about it? I mean, it has to work for both sides. I don't think Qualcomm would be willing to pay up even though this Intel is trading basically close to book value. And from an Intel perspective, why just be subsumed into this larger company at this 30-year low price in the stock? That's not really attractive for anybody who has, unfortunately, stuck it out through these last few years. So it's hard to see how there could be a deal here to be had that works for both sides.”

This post was written by Naomi Buchanan.

Disclosure: Apollo Global Management is Yahoo Finance's parent company.