- Magnachip Semiconductor(NYSE:MX) surged 9.5% on a report that potential bidder LX Group is expected to submit a formal acquisition proposal by next Friday.
- The possible offer comes after LX Group has recently finished its due diligence on Magnachip (MX), according to a report in Korea's The Bell.
- The latest report comes after a separate Korean publication in May said that South Korea's LX Group and private equity firm Carlyle (CG) jointly submitted a letter of intent for the chipmaker. LX Group in late April confirmed a report to Bloomberg that it was considering an offer for Magnachip (MX).
- 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.
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