Cornucopia Capital Limited and a group of investors led by Tim Crown, Yango Financial Holdings, Sino-Rock Investment Management Company Limited and Lombarda China Fund made a proposal to acquire Magnachip Semiconductor Corporation (NYSE:MX) for $1.7 billion on June 11, 2021. The consideration will comprise the acquisition of all outstanding shares of Magnachip at $35 per share in cash. In a related transaction, Wise Road Capital Ltd. entered into a definitive agreement to acquire MagnaChip Semiconductor Corporation for $1.4 billion on March 25, 2021. On June 16, 2021, Magnachip Semiconductor, Ltd., received a letter from the Korean Ministry of Trade, Industry and Energy requesting to either apply for an approval. Under the terms of the Merger Agreement, MSK’s receipt of the request from MOTIE to apply for approval or file a report pursuant to the ITA concerning the Merger may be deemed to have resulted in the closing of the Merger now being conditioned on the receipt of MOTIE’s authorization without the imposition of a burdensome condition as defined in the merger agreement. Magnachip's Board of Directors, in consultation with its legal and financial advisors, will carefully review and consider the proposal. The transaction is subject to approval by Magnachip shareholders. As of June 17, 2021, the Biden administration ordered a temporary halt the transaction. Considering this transaction, Magnachip has adjourned the special meeting of stockholders to obtain stockholder approval on the Wise Road transaction from June 15, 2021 to June 17, 2021, to determine whether the Cornucopia proposal can be deemed a superior proposal. As on June 17, 2021, Magnachip announced it would postpone a special meeting of stockholders scheduled for June 17, 2021.