Cornucopia Investment Offers To Acquire MagnaChip For $35/Share In Cash

South Korean display and power solutions provider MagnaChip Semiconductor Corp MX confirmed Cornucopia Investment Partners’ unsolicited proposal to acquire MagnaChip for $35 per share in cash.
The proposal also represented investors, including financial sponsors led by Tim Crown, Yango financial holdings, Sino-Rock Investment Management Company Limited, and Lombarda China Fund.
MagnaChip previously inked a merger agreement with Wise Road Capital LTD affiliate, South Dearborn Limited, to become its subsidiary for $29 per share in cash. The price represented a 54% premium to the March 2, 2021 closing price, marking the last trading day before media reports of third-party interest in acquiring MagnaChip.
MagnaChip’s board will carefully review and consider the offer in consultation with its legal and financial advisors.
MagnaChip had reported Q1 earnings beat in May.
Price action: MX shares traded higher by 16.9% at $26.95 in the premarket session on the last check Friday.