Magnachip Semiconductor said on Friday that it has received a takeover bid from Cornucopia Investment Partners, topping a rival offer, which values the South Korea-based display and power chip maker at $1.66 billion.
Shares of the chipmaker jumped about 22% to $28.20 in premarket trade, lower than Cornucopia’s offer of $35 per share in cash. The offer price represents a premium of about 52% to the company’s last close.
The company in March entered into a $1.4 billion go-private deal with private equity firm Wise Road Capital.
Magnachip makes analog and mixed-signal semiconductor platform solutions for use in consumer electronics. Its chips are used in flat-panel displays and smartphones.
The company’s board will review and consider the proposal sent by Cornucopia, the company said.
Source: Newsfilter
Can’t stop reading? Read more
Inflexion exits European LifeCare after tripling revenues at vaccination leader
Inflexion exits European LifeCare after tripling revenues at vaccination leader Inflexion has...
Blackstone boosts Aligned Data Centers debt facility to over $1bn for expansion push
Blackstone boosts Aligned Data Centers debt facility to over $1bn for expansion push Blackstone...
$11.2bn buyout talks put Thoma Bravo in pole position for Dayforce
$11.2bn buyout talks put Thoma Bravo in pole position for Dayforce Thoma Bravo is in advanced...