Magnachip surges 20% on report of takeover interest

MagnaChip Semiconductor

26/04/2022 13:12

** Magnachip Semiconductor Corp's shares  MX.N  jump 20.8%
to $18.15 premarket after a report says South Korea's LX Group
is looking to buy the U.S.-listed chipmaker
    ** Top pct gainer among NYSE-listed shares in premarket
trading
    ** LX Group will make its interest in Magnachip official by
submitting a letter of intent as early as next week, the Korea
Economic Daily reports https://www.kedglobal.com/mergers-acquisitions/newsView/ked202204260015,
 citing people familiar with the matter
    ** MX was set to be taken private by Chinese PE firm Wise
Road Capital Ltd for $1.4 bln last year but that was halted due
to security concerns raised by the U.S. government  urn:newsml:reuters.com:*:nL4N2SY49C
    ** Stock down 28.3% YTD; last closed at lowest level in more
than a year

 (Reporting by Sruthi Shankar)
 ((sruthi.shankar@thomsonreuters.com;))