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Investment firm plans MagnaChip buy

Posted: 14 Sep 2015 ?? ?Print Version ?Bookmark and Share

Keywords:MagnaChip? Pleasant Lake Partners? analogue? foundry?

New York-based investment firm Pleasant Lake Partners LLC (PLP) has made an offer to buy MagnaChip Semiconductor Corp., a designer and manufacturer of analogue and mixed-signal ICs and a provider of foundry services, based in Seoul, South Korea.

According to a Securities & Exchange Commission filing, PLP has offered to pay $10 per share in cash for each of the outstanding shares it does not own. In the same filing, PLP registered that it owned more than 3.4 million shares in MagnaChip, representing 9.9 per cent of the outstanding shares.

PLP's $10 per share offer therefore represents $311 million and values MagnaChip at about $345 million. MagnaChip is a public company traded on the New York Stock Exchange. The offer represents a premium of 29 per cent to MagnaChip's close price on the Friday before the offer was made on August 31.

In a letter to MagnaChip submitted as part of the SEC filing PLP requested that a "poison pill" defence against takeover be dropped and that PLP be included in any upcoming auction process. MagnaCom had not responded publicly to that letter at press time.

- Peter Clarke
??EE Times Europe

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