Magnachip Semiconductor ( NYSE: MX ) efforts to sell itself may be being hurt by a high asking price and possible difficult regulatory environment.
The news comes as a Friday deadline for reported bidder LX Group to make an offer. A bid from LX Group would likely need to raise external financing, according to a Dealreporter item.
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 ( MX ), is still interested.
NVC Partners , which has also been reported a a possible buyer for MX, is still evaluating teaming up with a Korean strategic buy, according to Dealreporter.
The latest report comes after Magnachip ( MX ) jumped 9.9% on Friday on a report that potential bidder LX Group is expected to submit a formal acquisition proposal by this Friday. Last week's report followed a separate Korean publication in May saying 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 ).
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Magnachip Semiconductor sale may be hurt by high asking price - report