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STX Withdraws Hynix Acquisition Bid

STX Corp. has dropped its bid for a 20 percent holding in Hynix Semiconductor due to an uncertain market and financial burden.

STX Corp. has dropped its bid for a 20 percent holding in Hynix Semiconductor due to an uncertain market and financial burden, The Wall Street Journal reports. SK Telecom Co. now remains the sole bidder for the 146.1 million shares worth at least $2.7 billion.

Korea Exchange Bank, Woori Bank and Shinhan Bank are among the nine creditor-shareholders seeking to shed their collective stake. After the issue, the South Korean chip maker intends to raise $1.743 billion by selling 101.85 million new rights-offer shares, or about 14 percent of the total outstanding shares.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Bloomberg.

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