Magnachip gets competing takeover bid of $1.66 billion from Cornucopia

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(Reuters) - Magnachip Semiconductor Corp said on Friday that it has received a takeover bid from Cornucopia Investment Partners, topping a rival offer, which values the South Korea-based display and power chip maker at $1.66 billion.

Shares of the chipmaker jumped about 22% to $28.20 in premarket trade, lower than Cornucopia's offer of $35 per share in cash. The offer price represents a premium of about 52% to the company's last close.

The company in March entered into a $1.4 billion go-private deal with private equity firm Wise Road Capital.

Magnachip makes analog and mixed-signal semiconductor platform solutions for use in consumer electronics. Its chips are used in flat-panel displays and smartphones.

The company's board will review and consider the proposal sent by Cornucopia, the company said.

(Reporting by Chavi Mehta in Bengaluru; Editing by Shailesh Kuber)