Benzinga | Jun 11, 2021 09:07AM EDT

Cornucopia Investment Offers To Acquire MagnaChip For $35/Share In Cash

* South Korean display and power solutions provider MagnaChip Semiconductor Corp (NYSE:MX) confirmed Cornucopia Investment Partners' unsolicited proposal to acquire MagnaChip for $35 per share in cash.

* The proposal also represented investors, including financial sponsors led by Tim Crown, Yango financial holdings, Sino-Rock Investment Management Company Limited, and Lombarda China Fund.

* MagnaChip previously inked a merger agreement with Wise Road Capital LTD affiliate, South Dearborn Limited, to become its subsidiary for $29 per share in cash. The price represented a 54% premium to the March 2, 2021 closing price, marking the last trading day before media reports of third-party interest in acquiring MagnaChip.

* MagnaChip's board will carefully review and consider the offer in consultation with its legal and financial advisors.

* MagnaChip had reported Q1 earnings beat in May.

* Price action: MX shares traded higher by 16.9% at $26.95 in the premarket session on the last check Friday.