Magnachip Semiconductor ticks higher on report LX still reviewing bid
- Magnachip Semiconductor ( NYSE: MX ) ticked up 1.3% in premarket trading on a report that LX Holdings is still reviewing a possible bid.
- LX is still reviewing a possible offer for Magnachip ( MX ) after submitting a letter of intent in May, according to Dealreporter, which cited a spokesperson at LX Holdings. LX Group in late April confirmed a report to Bloomberg that it was considering an offer for Magnachip .
- The Dealreporter item also reported that a source familiar said that LX put its “pencils down” and halted talks in July and that there is no active engagement. LX views a Magnachip ( MX ) deal as high risk and has started to look at alternative targets.
- NXP Partners, which has been reported to also be interested in MX, is no longer pursing a transaction, according to Dealreporter.
- Earlier this month Magnachip ( MX ) announced it expanded its stock buyback program to $87.5M.
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