Magnachip ticks higher on report LX Group confirms it's considering bid

Apr. 27, 2022 8:06 AM ETMagnachip Semiconductor Corporation (MX)By: Joshua Fineman, SA News Editor7 Comments

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  • Magnachip Semiconductor (NYSE:MX) ticked up 0.2% in premarket trading amid a report that LX Group is considering a possible acquisition of the semiconductor company.
  • LX Group is reviewing different measures including M&A for growth and is considering a purchase of Magnachip (MX), though it hasn't made a decision yet, traders said, citing a Bloomberg report, which quoted a spokesperson for LX Group.
  • The comments comes after Korea Economic Daily on Tuesday said South Korea's LX Group is looking to acquire the company. LX Group is expected to submit a letter of intent for Magnachip (MX) as early as next week, the report said. MX shares surged 16.5% on the report on Tuesday.
  • The latest Magnachip news comes after a report last week that MX was in talks with Kolon Group recently, though the talks appear to have collapsed over price. Several other companies were said to be interested in Magnachip, though it's not known if the parties can agree on price.

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