Magnachip (MX) Stock: Why The Price Jumped Above 12% Today

By Amit Chowdhry ● May 18, 2022
  • The stock price of Magnachip (NYSE: MX) increased by above 12% during intraday trading today. This is why.

The stock price of Magnachip (NYSE: MX) increased by above 12% during intraday trading today. Investors are responding positively to a report that LX Semicon (a unit of LX Group) submitted a bid to buy Magnachip.

According to Maeil Business Newspaper, LX Semicon is reportedly going to submit a letter of intent to buy Magnachip for 1.5 trillion KRW (about $1.18 billion). LX Semicon is not the only company interested in buying Magnachip. 

Hahn & Co., Littelfuse, and NVC Partners are also reportedly interested in buying Magnachip. Wise Road Capital, a Chinese private equity firm, attempted to buy the company but the deal was blocked by the U.S. government.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.