- Magnachip Semiconductor (NYSE:MX) has entered a definitive agreement to be acquired by Wise Road Capital in a go-private transaction valued at $1.4B, a 75% premium to Magnachip's three-month volume-weighted average share price.
- MX shares are up 31% pre-market to $26.71.
- Shareholders will receive $29 per share in cash for each Magnachip share.
- The deal is expected to close in the second half of the year.
- "This transaction is in the best interests of all of our stakeholders, including shareholders, customers and employees. It will provide an excellent opportunity to accelerate our MX 3.0 growth strategy. Given their deep industry expertise, Wise Road Capital is an ideal partner for Magnachip, and we look forward to working with them as we chart the next phase for our company. We remain grateful to our customers for their trust and to our fellow employees for their unwavering commitment to delivering industry-leading products to customers worldwide," says CEO YJ Kim.
- Press release.
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