Magnachip gets competing takeover bid from Cornucopia 

Magnachip has received a takeover bid from Cornucopia Investment Partners worth US$1.66 billion, according to a report by Reuters.

In March, the South Korean chip firm entered into a deal with Chinese private equity firm Wise Road Capital to sell its shares for US$1.4 billion.

The South Korean government had designated the OLED display driver IC technology held by Magnaship as a core national technology, meaning any buyout of the chip firm by foreign entities requires the government’s approval.

Magnachip, previously part of Hynix Semiconductor, was sold to an overseas hedge fund back in 2004.

The company is listed on the New York stock market but its facilities are all based in South Korea.