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 story : Magnachip stock surges after receiving an unsolicited, higher buyout bid #FinanceUSA #StockMarketNEWS Shares of Magnachip Semiconductor Corp. shot up 15.8% in premarket trading Friday, after the South

@stockMarketNEWS Mon 14 Jun, 2021

Posted in: #FinanceUSA #StockMarketNEWS

Magnachip stock surges after receiving an unsolicited, higher buyout bid #FinanceUSA #StockMarketNEWS
Shares of Magnachip Semiconductor Corp. shot up 15.8% in premarket trading Friday, after the South Korea-based chipmaker confirmed that it received an unsolicited buyout bid representing a premium of more than 50%. The company said Cornucopia Investment Partners, on behalf of itself and a group of investors, has offered to buy all of Magnachip's outstanding shares for in cash, which is 51.8% above Thursday's closing price of .05 and would value the company at about .66 billion. That would top the terms of the buyout agreement with South Dearborn Ltd. announced in March, in which Magnachip agreed to be acquired for .00 a share in cash. Magnachip said it will "carefully review and consider" Cornucopia's bid. The stock has run up 70.5% year to date through Thursday, while the PHLX Semiconductor Index has climbed 14.3% and the S&P 500 has gained 12.9%.


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