To an extent it doesn't have to go ahead to work to Intel's advantage - if they can disrupt the planned merger, and for example force Broadcom to pay a lot more, that's a good thing as far as Intel's management are concerned. Also, Intel are worried about Qualcomm's move into server chips, where for some years Intel's faced no significant competition - a bigger, stronger BroadQualcom is not something Intel are looking for.
As other posters have suggested, I'd rather Intel didn't start an M&A Wankathon, since they've got plenty of technical failures that their management should be focusing on. such as the IME mess, the Spectre & Meltdown flaws, the Puma chipset screwup. And they might want to think about their minimal presence in mobile and HPC, and the fact that if they go ahead with a Broadcom bid, they're morphing into a slow, lazy incumbent, more interested in skewing the market to their advantage and buying other people to eliminate threats, rather than leading by innovation. At a local level there will be plenty of Intel innovation - my point is that the company is continuing a drift away from its roots and expertise, in much the same way that IBM and HP have lost their direction.