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Magnachip Semiconductor Corporation (MX)

NYSE - NYSE Delayed Price. Currency in USD
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22.40-0.08 (-0.36%)
At close: 4:00PM EDT
22.40 0.00 (0.00%)
After hours: 04:44PM EDT
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  • S
    Stephen
    Any news? 3 or 4 20K+ stock purchases today, peaking at $22.85. Short interest has decreased from 2.29M shares to 1.7M shares on July 1 reporting date.
  • R
    Robert
    Sentiment changed a bit after noon today :) Wonder what's up?
  • D
    D
    Surprised no one has commented on the 8-k filed yesterday which among other things contained the following:

    "As previously disclosed, on June 11, 2021, the Company confirmed by press release receipt of a proposal from Cornucopia Investment Partners (“Cornucopia”) on behalf of itself and a group of investors to acquire all of the outstanding shares of common stock of the Company for $35.00 per share in cash (assuming the number of shares on a fully diluted basis at closing of the transaction will be 47,470,416, as shown in the Company’s Form 10-Q filed on May 10, 2021) (the “Proposal”) and that the Company, Parent and Merger Sub agreed to the terms in a letter agreement, pursuant to which, among other things, the parties agreed that, notwithstanding the provisions of the Merger Agreement, the Company may, from the time that the press release discussed in Item 8.01 of the Company’s Form 8-K filed with the SEC on June 14, 2021 was issued through 5:00 p.m. New York City time on June 16, 2021, participate in discussions with Cornucopia regarding the Proposal for the sole purpose of making the determination as to whether the Proposal constitutes or could reasonably be expected to lead to a Superior Proposal (as defined in the Merger Agreement).

    "On June 17, 2021, Cornucopia wrote a letter to the Board noting that in light of recent U.S. regulatory developments since their submission of the Proposal, they will have to modify their financing plan. The Company has not received any further communications from Cornucopia since their letter dated June 17, 2021."
  • C
    Cal
    Seeking Alpha Article came out on MX this morning...it there, free to read

    Magnachip Semiconductor Corporation: Assessing The Regulatory Risks
    Bearish
  • M
    Mike
    -The WORLD has a major chip shortage
    -MX has had a buyout bid for $29 and $35
    -It is extremely difficult to start a factory and manufacture chips
    -MX has roughly traded flat when all other makers have skyrocketed.
  • A
    Anonymous
    Management should have the responsibility to be totally transparent even on a daily basis otherwise they should be sued.
  • M
    Marcos
    well i regret i didnt sell at 26... management dosent talk... whats the status of the deals
  • S
    Sherwin
    Every quarter this little gem of a company churns out chips and fantastic EPS, any bid becomes more and more undervalued. No debt, great EPS, you just can't lose with this company in the mid to long term as a real investor.
    Bullish
  • M
    Maude Frickert
    Some of the people posting on this feed are short sharks. please check the KVSB board.
  • b
    bigbear
    Looks like cruise control until the regulators go thru the "Red Tape"..
    This is not unusual! It takes time
    Bullish
  • S
    Stephen
    Only 81,000 shares after 4 1/2 hours! Too little volume. Earnings in less than 10 days. I expect $0.25-$0.30/share Non-Gaap.
  • s
    stocktargetadvisor
    $MX.TO conversation
    $MX.CA
    Target Up Raymond James Financial Outperform CAD 64.5
    www.stocktargetadvisor.com/stock/Canada/TSX/MX#analyst-rating-tab
  • S
    Sherwin
    Anybody see that 8K from the 1st of July? https://investors.magnachip.com/node/12441/html
    Not a single word about the 35$ counteroffer. Weird.
    SEC Filing | Magnachip Semiconductor Corporation
    investors.magnachip.com
  • C
    Cal
    Back to its intrinsic value of $16 a share. 27% gross margins. A low margin player
    Bearish
  • w
    willtori1
    What was the SP before the $29 offer? Is there any reason the SP wouldn't fall back to that level if neither deal goes through?
  • C
    Cal
    Well, that's one out of three. lol!

    Magnachip Semiconductor planned sale to Wise Road approved by China's antitrust authority
    Jun. 30, 2021 8:01 AM ETMagnachip Semiconductor Corporation (MX)By: Josh Fineman, SA News Editor2

    Magnachip Semiconductor's (NYSE:MX) planned sale to PE firm Wise Road was approved by China's antitrust regulator.

    China's State Administration for Market Regulation ("SAMR") approved the transaction, according to a listing on the regulator's website.
  • F
    Ferdi
    When will this thing ever go up? I needed the money I have tied up in this to take advantage of some good bargains this recent sell-off created...
  • S
    Stephen
    For now, the stock is steady and quiet but any positive news of a workable deal would make this stock explode to the upside, somewhere between $29 and $35!
  • G
    George
    Talked with IR Friday - we are in holding pattern pending three reviews (CIFUS, Korea and BoD review of last bid at $33 for evaluation as to whether a superior bid). CIFUS review could be anytime or extended depending on US requlators. Any company news will be released via the SEC documents - holding for news. GLT longs and have a good weekend.
  • G
    George
    All

    Here is the xact wording from the 8-K

    "As previously disclosed, on March 25, 2021, Magnachip Semiconductor Corporation, a Delaware corporation (the “Company”), South Dearborn Limited, an exempted company incorporated in the Cayman Islands with limited liability (“Parent”) formed by an affiliate of Wise Road Capital LTD (“Wise Road”), and Michigan Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides that, among other things, Merger Sub will be merged with and into the Company (the “Merger”), with the Company continuing its corporate existence under the General Corporation Law of the State of Delaware as the surviving corporation in the Merger and becoming a wholly owned subsidiary of Parent. In connection with the Merger, the Company filed its definitive proxy statement on Schedule 14A with the U.S. Securities and Exchange Commission (the “SEC”) on May 7, 2021 (as amended and supplemented, the “Proxy Statement”).

    On June 11, 2021, the Company, Parent and Merger Sub entered into a letter agreement (the “Letter Agreement”), pursuant to which, among other things, the parties agreed that, notwithstanding the provisions of the Merger Agreement, the Company may, from the time that the press release discussed in Item 8.01 has been issued through 5:00 p.m. New York City time on June 16, 2021, participate in discussions with Cornucopia Investment Partners (“Cornucopia”) regarding the Proposal (as defined below) for the sole purpose of making the determination as to whether the Proposal constitutes or could reasonably be expected to lead to a Superior Proposal (as defined in the Merger Agreement).

    The foregoing description of the Letter Agreement is qualified in its entirety by the full text of the Letter Agreement, which is attached hereto as Exhibit 2.1 and is incorporated by reference herein.

    Item 8.01. Other Events

    On June 11, 2021, the Company confirmed by press release receipt of a proposal from Cornucopia on behalf of itself and a group of investors to acquire all of the outstanding shares of common stock of the Company for $35.00 per share in cash (assuming the number of shares on a fully diluted basis at closing of the transaction will be 47,470,416, as shown in the Company’s Form 10-Q filed on May 10, 2021) (the “Proposal”) and that the Company, Parent and Merger Sub have agreed to the terms in the Letter Agreement. The press release also announces that in light of the Proposal, the Company expects to adjourn the special meeting of stockholders scheduled for 8:00 p.m. Eastern time on June 15, 2021 to June 17, 2021. On June 15, 2021, the Company will announce the time that the special meeting of stockholders will reconvene on June 17, 2021."

    Based on this 8-K - discussions with Cornucopia Investment Partners should end NLT 5:00 p.m. New York City time on June 16, 2021. Discussions could end sooner. Also we should here something today of when the the special meeting of stockholders will reconvene on June 17, 2021.

    Holding on with optimism - GLTA longs.