- Magnachip (NYSE:MX) disclosed the Committee on Foreign Investments in the U.S.'s ("CFIUS") review of the company's planned sale to China's Wise Road is expected to be completed no later than Sept. 13. Magnachip is now negative, paring an earlier gain of about 3%.
- Magnachip said it was informed on July 26 that CFIUS will undertake an investigation into the Wise Road deal, according to an 8-K filing.
- Magnachip disclosed in late May that it's planned sale to Wise Road will require a formal review by CFIUS. In June, Magnachip revealed receiving an orde CFIUS telling the company to pause its acquisition by Wise Road Capital until a government review can be completed.
- The Magnachip deal has had several obstacles, particularly getting approval in Korea. Last month, Magnachip said it needed to get South Korean approval.
- Last month, Magnachip Semiconductor planned sale to Wise Road approved by China's antitrust authority.
Magnachip says CFIUS review of Wise Road deal to end by Sept. 13
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