U.S. markets closed
  • S&P Futures

    4,391.50
    -11.50 (-0.26%)
     
  • Dow Futures

    34,826.00
    -125.00 (-0.36%)
     
  • Nasdaq Futures

    15,087.00
    -11.00 (-0.07%)
     
  • Russell 2000 Futures

    2,190.10
    -15.00 (-0.68%)
     
  • Crude Oil

    71.94
    -0.13 (-0.18%)
     
  • Gold

    1,804.00
    +2.20 (+0.12%)
     
  • Silver

    25.28
    +0.05 (+0.21%)
     
  • EUR/USD

    1.1774
    +0.0004 (+0.04%)
     
  • 10-Yr Bond

    1.2860
    +0.0210 (+1.66%)
     
  • Vix

    17.20
    -0.49 (-2.77%)
     
  • GBP/USD

    1.3749
    -0.0005 (-0.04%)
     
  • USD/JPY

    110.3800
    -0.1300 (-0.12%)
     
  • BTC-USD

    38,062.62
    +4,052.49 (+11.92%)
     
  • CMC Crypto 200

    907.43
    +113.70 (+14.32%)
     
  • FTSE 100

    7,027.58
    +59.28 (+0.85%)
     
  • Nikkei 225

    27,871.40
    +323.40 (+1.17%)
     

Magnachip gets competing takeover bid of $1.66 bln from Cornucopia

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

June 11 (Reuters) - Magnachip Semiconductor Corp said on Friday that it has received a takeover bid from Cornucopia Investment Partners, topping a rival offer, which values the South Korea-based display and power chip maker at $1.66 billion.

Shares of the chipmaker jumped about 22% to $28.20 in premarket trade, lower than Cornucopia's offer of $35 per share in cash. The offer price represents a premium of about 52% to the company's last close.

The company in March entered into a $1.4 billion go-private deal with private equity firm Wise Road Capital.

Magnachip makes analog and mixed-signal semiconductor platform solutions for use in consumer electronics. Its chips are used in flat-panel displays and smartphones.

The company's board will review and consider the proposal sent by Cornucopia, the company said. (Reporting by Chavi Mehta in Bengaluru; Editing by Shailesh Kuber)