Hedge fund Pleasant Lake Partners said it offered to buy analog chipmaker MagnaChip Semiconductor Corp in a deal valuing the South Korea-based company at $345.7 million.

Pleasant Lake’s offer of $10 per share is at premium of 29.2 percent to MagnaChip’s Friday closing price.

Pleasant Lake already owns 9.9 percent of MagnaChip.

(Reporting by Kshitiz Goliya in Bengaluru; Editing by Don Sebastian)

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