Update 3:10pm: Adds social media post that might be responsible for the Magnachip spike.
Magnachip Semiconductor ( NYSE: MX ) is now up 5.6% after earlier jumping 11% on new specific news.
Investors for weeks/months have been following press reports that the company may be an acquisition target, specifically for Korea's LX Group. One publication, Korea's The Bell, reported earlier this month that LX Group was expected to make a formal offer for MX last Friday July 15.
A poster on StockTwits at 12:05pm claimed that " has had a buyout offer submitted to for $22-$25 per share ," according to the item. The jump in Magnachip ( MX ) shares corresponds to around when the post was issued.
Reports about Magnachip potential bidders has come out in the last several months from different publications in Korea. A search on Monday by Seeking Alpha for news out of Korea came up empty.
On Wednesday Dealreporter said Magnachip's ( MX ) efforts to sell itself may be being hurt by a high asking price. The report also indicated that Hahn & Co., which had previously been listed as a potential bidder for MX, is not looking at the semiconductor firm. It's also not clear if Bain Capital, which was said to be one of several PE firms solicited by Magnachip, is still interested.
A Korean publication in May said that South Korea's LX Group and private equity firm Carlyle ( CG ) submitted a letter of intent for the chipmaker. LX Group in late April confirmed a report to Bloomberg that it was considering an offer for Magnachip ( MX).
Recall Magnachip ( MX ) 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 Semiconductor pares some gains after jumping 11% (update)