MBK, Young Poong sweeten offer for Korea Zinc as management battle intensifies

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MBK, Young Poong sweeten offer for Korea Zinc as management battle intensifies

Published: 26 Sep. 2024, 19:08

PARK EUN-JEE
park.eunjee@joongang.co.kr

MBK Partners Vice Chairman Kim Kwang-il speaks at a press conference in Seoul on Sept. 19. [NEWS1]

Private equity firm MBK Partners raised its offer price by 13.6 percent to buy a controlling stake in Korea Zinc on Thursday, as the battle intensified for management control of the world's largest refined zinc producer.

MBK, in cooperation with Young Poong, which is the biggest shareholder of Korea Zinc, launched a public tender offer to purchase a maximum 14.6 percent stake in the smelter for 660,000 won ($495) per share on Sept. 13.

But MBK's special purpose company, Korea Corporate Investment Holdings, said in a regulatory filing that it raised the offer price to 750,000 won per share.

MBK's move had been expected because shares of Korea Zinc have surged since the tender offer was launched.

Yonhap