About Magnachip Semiconductor Corporation
Magnachip is a semiconductor platform service provider for telecommunications, Internet-of-things, purchaser, commercial, and also automobile sectors. Customers all over the world benefit from the Company’s comprehensive selection of branded items. Magnachip has holdings of nearly 1,200 registered patents including ongoing filings of applications, as well as considerable technical, designing, and manufacturing process capabilities, and has been in business for even more than 40 years.
Confirmation of Unsolicited Proposal Receipt
Magnachip Semiconductor Corp. shares are up more than 12% this morning since they receive an unsolicited proposal from Cornucopia Investment Partners on account of its own and also a group of investors to buy entire remaining shares of Magnachip common stock, exercise price $0.01 per share, for $35.00 in money.
The commodities, which have already been ranging with a range of $9.93 to $26.98 for the previous year, are now running at $25.97, up to $2.92 or 12.67 percent, with a market capitalization exceeding 3.29 million shares compared to a typical volume of 1.15 million shares.
Proposal Review And Financial Advisor
The Proposal will be thoroughly reviewed and considered by Magnachip’s Board of Directors, in cooperation with its legal and financial experts. Magnachip, Parent, and Merger Sub had already agreed that Magnachip now has the right to be involved in debates with Cornucopia about the Proposal until June 16, 2021, exclusively for the purpose of ascertaining out if Proposal establish or might fairly be conventional to guide to the superlative proposal. The Board of Directors of Magnachip has yet to draw any conclusions. Magnachip anticipates postponing the scheduled meeting of stockholders set for 8:00 p.m. Eastern time on June 15, 2021, to June 17, 2021, as a result of the Proposal. On June 15, 2021, the schedule of the postponed conference will be disclosed.
The Merger Agreement still applies to Magnachip. The Board of Directors of Magnachip has maintained its proposal that Magnachip stockholders support “FOR” the resolution to accept the Merger Agreement as well as adopt the Merger.