Magnachip in play with last minute rival bid
Magnachip Semiconductor has received a second takeover bid as it considers a $1.4bn deal from a Chinese consortium.
The new proposal from London-based Cornucopia Investment Partners on behalf of itself and a group of investors, including financial sponsors led by Tim Crown, Yango financial holdings, Sino-Rock Investment Management Company and Lombarda China Fund, was unsolicited and while the company will look at it, the current deal backed by Chinese investor Wise Road Capital.
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The Cornucopia offer of US$35.00 values the company at $1.66bn just two days before shareholders were due to agree the current offer of $1.376bn from South Dearborn, an affiliate of Wise Road Capital and Michigan Merger Sub.
Magnachip expects to delay its special meeting of stockholders this week to discuss the new offer, but says it remains subject to the current Merger Agreement and the Board of Directors has not changed its recommendation to approve the deal.
Wise Road is an investor in a sensor joint venture with Austrian chip maker ams, and was one of the original investors in the spinout of Nexperia from NXP but sold its holding to fellow Chinese investor Wingtech.
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