MagnaChip announces 1.7M share secondary


MagnaChip (MX) announces that 1.7M of its shares will be sold in a secondary offering by Marc Lasry's Avenue Capital. The hedge fund is paring its 7.5M share stake.

MagnaChip was Lasry's largest position as of June 30, representing 16.8% his fund's portfolio.

Avenue Capital held as many as 20.2M shares in the semiconductor firm in March 2011, and has since reduced its position. The stock is up 64.2% in the last year.

Comments (1)
  • Philip Marlowe
    , contributor
    Comments (1597) | Send Message
     
    One should keep in mind that they have a 100M stock repurchase program on tap. I am sure the company will step in and buy if any weakness is shown. So I doubt this will affect the price much.
    9 Sep 2013, 06:17 PM Reply Like
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