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Stock Alert: Magnachip Shares Surge After Receiving Unsolicited Takeover Bid From Cornucopia

Shares of Magnachip Semiconductor Corp. (MX) are soaring over 12% Friday morning, after receiving an unsolicited proposal from Cornucopia Investment Partners on behalf of itself and a group of investors to acquire all of the outstanding shares of Magnachip common stock, par value $0.01 per share, for $35.00 per share in cash.

The stock, which has been trading in the range of $9.93 - $26.98 for the past one year, is currently trading at $25.97, up $2.92 or 12.67%, with trading volume surging over 3.29 million versus an average volume of 1.15 million shares.

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