South Korean display and power solutions company Magnachip Semiconductor Corporation, confirms that the company has received an unsolicited proposal from a group of investors to acquire all outstanding shares in the company.
Magnachip received the unsolicited proposal from Cornucopia Investment Partners on behalf of itself and a group of investors, including financial sponsors led by Mr. Tim Crown, Yango financial holdings, Sino-Rock Investment Management Company Limited and Lombarda China Fund, to acquire all of the outstanding shares of Magnachip common stock for USD 35.00 per share in cash.
As previously announced, on March 25, 2021, Magnachip entered into a merger agreement with South Dearborn Limited, an affiliate of Wise Road Capital LTD.
Magnachip says in a press release that it will carefully review and consider the new proposal by Cornucopia. However, at the same time Magnachip remains subject to the merger agreement South Dearborn, and Magnachip’s board of directors has not changed its recommendation that for stockholders vote “FOR” the proposal to adopt the merger agreement and approve the merger.