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Chipmaker MagnaChip Semiconductor offered $346 by Pleasant Lake Partners for a sale

Pleasant Lake Partners LLC, the investment firm has offered to buy South Korea-based analog chipmaker MagnaChip Semiconductor Corp. The deal according to sources is valued at about $346 million. MagnaChip’s chips are used in smartphones, tablets and television. The chipmaker also makes chip-making equipment for analog chipmakers. In June, the company established a strategic review committee for a sale of all or a substantial portion of the company and engaged Barclays as its financial advisor for the process. MagnaChip's total revenue fell 5.8 percent to $162 million in the second quarter ended June 30, from a year earlier. Up to Friday's close, MagnaChip's stock had fallen 40.4 percent this year.

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