Benzinga | Jun 11, 2021 08:01AM EDT

Magnachip Confirms Receipt Proposal From Cornucopia Investment Partners On Behalf Of Investors To Acquire Co. For $35/Share In Cash

Magnachip Semiconductor Corporation ("Magnachip" or the "Company") (NYSE:MX), the South Korean leader in display and power solutions, today confirmed receipt of an 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, par value $0.01 per share (the "Common Stock"), for $35.00 per share in cash (assuming the number of shares on a fully diluted basis at closing of the transaction will be 47,470,416, as shown in the Magnachip's Form 10-Q filed on May 10, 2021) (the "Proposal").