Why Magnachip Semiconductor Stock Soared Today
Shares of Magnachip Semiconductor (NYSE: MX) soared Friday morning, and were up by 11.3% as of 11:53 a.m. EDT after the company received an unsolicited buyout offer. The new offer carries a better price than a buyout agreement that was announced in March.
The South Korean semiconductor company had planned to go private in a deal with private equity fund Wise Road Capital, which offered $29 per share in cash in a transaction that valued it at $1.4 billion. But Magnachip on Friday said that it had received an alternative offer from Cornucopia Investment Partners to acquire the company at $35 per share in cash, valuing it at nearly $1.7 billion.
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Source Fool.com
