MagnaChip (MX) Gains as LX Semicon Confirms Bid, Possible Carlyle Consortium

May 18, 2022 7:12 AM EDT

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MagnaChip (NYSE: MX) is up 11% in pre-open trading Wednesday on reports LX Semicon, a unit of LX Group, confirmed it submitted a bid for the company.

The LX Semicon bid was submitted jointly with Carlyle, according to the Maeil Business Newspaper.

An LX Holding spokesperson confirmed to Bloomberg News it is considering a partnership with Carlyle to explore a takeover but said no final decision has been made.

In December of last year, MagnaChip terminated a merger agreement with Wise Road Capital after the deal was unable to secure Committee on Foreign Investment in the United States ("CFIUS") approval. The Wise Road Capital agreement was worth $29 per share in cash. The stock currently trades at around $19 per share.



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