Shares of Magnachip Semiconductor Corp. MX, +28.11% soared 30% into record territory in premarket trading Friday, after the South Korea-based chip maker announced an agreement to be acquired by Wise Road Capital in a cash deal valued at $1.4 billion. Under terms of the deal, Magnachip shareholders will receive $29 for each Magnachip share they own, which is 42.1% above Thursday’s closing price of $20.41. After the deal closes, which is expected to occur in the second half of 2021, Magnachip employees and management are expected to remain in their roles. Magnachip’s stock, which is on track to open above its March 15 record close of $24.15, has more than doubled (up 110.2%) over the past 12 months, while the PHLX Semiconductor Index SOX, +1.36% has rallied 88.2% and the S&P 500 SPX, +0.45% has advanced 48.7%.

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