RTTNews | Mar 26, 2021 09:56AM EDT

09:55 Friday, March 26, 2021 (RTTNews.com) - Shares of MagnaChip Semiconductor Corp. (MX) reached a new 52-week high of $26.70 Friday morning, and are currently trading at $26.11, up $5.70 or 27.93%, with trading volume surging over 3.63 million versus an average volume of 863K shares.

Magnachip said it 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.

As per the deal, Magnachip shareholders will receive $29.00 in cash for each share of Magnachip's common stock they currently hold, representing a premium of about 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 about $1.4 billion. The transaction is fully backed by equity commitments and not contingent on any financing conditions.

The Board of Directors of Magnachip has unanimously approved the agreement and recommends that Magnachip shareholders vote in favor of the transaction. The transaction is expected to close during the second half of 2021, subject to customary closing conditions, including the receipt of shareholder and regulatory approvals.

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