New York investor offers to buy Korea’s MagnaChip

New York investor offers to buy Korea’s MagnaChip

Business news |
By eeNews Europe

According to a Securities & Exchange Commission filing Pleasant Lake Partners has offered to pay $10 per share in cash for each of the outstanding shares it does not own. In the same filing Pleasant Lake Partners registered that it owned more than 3.4 million shares in MagnaChip representing 9.9 percent of the outstanding shares.

PLP’s $10 per share offer therefore represents $311 million and values MagnaChip at about $345 million. MagnaChip is a public company traded on the New York Stock Exchange. The offer represents a premium of 29 percent to MagnaChip’s close price on the Friday before the offer was made on August 31.

In a letter to MagnaChip submitted as part of the SEC filing PLP requested that a “poison pill” defense against takeover be dropped and that PLP be included in any upcoming auction process. MagnaCom had not responded publicly to that letter at press time.

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