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

May 18, 2022 7:12 AM EDT

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

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.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Mergers and Acquisitions, Private Equity, Rumors

Related Entities

Definitive Agreement, Pre Market Movers