Magnachip Semiconductor Corp. (MX), the South Korean provider of display and power solutions, announced Friday that it has entered into a definitive agreement with two investment vehicles established by private equity fund manager Wise Road Capital Ltd. and certain of its limited partners.

Under the terms of the Agreement, Magnachip shareholders will receive $29.00 in cash for each share of Magnachip’s common stock they currently hold, representing a premium of approximately a 54% premium to the unaffected closing stock price on March 2, 2021, the last trading day before media reports of third-party interest in acquiring Magnachip.

The all-cash transaction has an equity value of approximately $1.4 billion. The transaction is fully backed by equity commitments and not contingent on any financing conditions.

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Source: Nasdaq

By RTTNews