Magnachip jumps after report LX Group and Carlyle submitted bid
May 18, 2022 6:57 AM ETMagnachip Semiconductor Corporation (MX)CGBy: Joshua Fineman, SA News Editor4 Comments
- Magnachip (NYSE:MX) rose 15% in premarket trading on a report that South Korea's LX Group and private equity firm Carlyle (CG) jointly submitted a letter of intent for the chipmaker.
- South Korean PE fund Hahn & Co. and sensors manufacturer Littlefuse submitted letters of intent last month, according to a Maeil Business Newspaper. NVC Partners is said to also be interested in acquiring MX.
- The latest report comes after LX Group late last month confirmed a report to Bloomberg that it was considering an offer for Magnachip (MX).
- The comments came after Korea Economic Daily said South Korea's LX Group was looking to acquire the company.
- Magnachip (MX) and its planned buyer Wise Road in December mutually terminated a $1.4B transaction after failing to get U.S. national security approval for the deal.