MAX - Magnachip gains on report of takeover interest from Korea's LX Group

Magnachip Semiconductor (NYSE:MX) rose 17% in premarket trading on a report that South Korea's LX Group is looking to acquire the company. LX Group is expected to submit a letter of intent for Magnachip (MX) as early as next week, according to a Korea Economic Daily report. The latest Magnachip news comes after a report last week that MX was was in talks with Kolon Group recently, though the talks appear to have collapsed over price. Several other companies were said to be interested in Magnachip, though it's not known if the parties can agree on price, according to the report. The latest news come after TheBell in Korea reported in January that JPMorgan was said to be reached out to be potential buyers for Magnachip (MX) to gauge their interest. Magnachip and its planned buyer Wise Road in December mutually terminated a $1.4B transaction after failing to get U.S. national security approval for the deal.

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Magnachip gains on report of takeover interest from Korea's LX Group