Why Magnachip Semiconductor Stock Jumped 14% Today
Shares of South Korean chipmaker Magnachip Semiconductor (NYSE: MX) were up by 14.3% as of noon ET Wednesday. There was no specific news from the company that drove that jump. However, rumors emerged Wednesday morning that it had been approached with a buyout offer from South Korean conglomerate LX Group and private equity firm Carlyle Group (NASDAQ: CG).
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This news wasn't exactly new. Last month, South Korean media outlets reported on indications that LX Group was interested in buying Magnachip. However, Wednesday's report suggests the acquisition price could be around $25 a share -- 26% above the current stock price. Bear in mind that neither the buyout nor that offer price has been confirmed by either company.
Source Fool.com
