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Read Why Magnachip Shares Are Trading Higher Today By Benzinga

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Read Why Magnachip Shares Are Trading Higher Today
© Reuters. Read Why Magnachip Shares Are Trading Higher Today
  • LX Group collaborated with the Carlyle Group (NASDAQ:) private equity fund manager to propose a takeover offer for Magnachip Semiconductor Corp (NYSE: MX), a media reported.
  • LX Group recently submitted a letter of intent to acquire Magnachip Semiconductor to JP Morgan in the United States.
  • The industry valued Magnachip at $1.2 billion (1.5 trillion won).
  • Also Read: Magnachip Goes Private In $1.4B All Cash Deal
  • Magnachip agreed on a deal with a Chinese PEF at $1.4 billion (about 1.8 trillion won).
  • The industry expects LX Group to raise $600 million and Carlyle Group to acquire Magnachip with $300 million.
  • Magnachip, a mid-sized system semiconductor company, has negotiated with major domestic investors after negotiations with a Chinese investor failed last year.
  • Magnachip was a spin-off of the former Hynix Semiconductor’s non-memory division.
  • The U.S. government blocked Magnachip’s deal to sell with Wise Road Capital, a Chinese PEF, over national security concerns.
  • Price Action: MX shares traded higher by 12.80% at $19.55 on the last check Wednesday.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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https://uk.investing.com/news/stock-market-news/read-why-magnachip-shares-are-trading-higher-today-2651835

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