Interloper Lobs $1.66B Bid At South Korean Chipmaker

Law360 (June 11, 2021, 2:10 PM EDT) -- Magnachip said Friday it's mulling a competing takeover offer from Cornucopia Investment Partners worth roughly $1.66 billion, an interloping bid aimed at topping a previously announced $1.4 billion private equity buyout of the South Korean semiconductor company.

The new, unsolicited offer from Cornucopia Investment Partners was made on behalf of itself and a group of investors that includes backers like Yango financial holdings, Sino-Rock Investment Management Co. Ltd. and Lombarda China Fund, according to a statement from Magnachip Semiconductor Corp.

Under the terms of the proposal, the investor group would pay $35 per Magnachip share, or $6 per share more than...

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