MBK Partners, Young Poong sweeten tender offer again for Korea Zinc
Published: 04 Oct. 2024, 15:26
Updated: 04 Oct. 2024, 15:28
- SHIN HA-NEE
- shin.hanee@joongang.co.kr
MBK Partners and Young Poong raised their tender offer price to 830,000 won ($620) for a controlling stake in Korea Zinc, matching the company's buyback offer, according to an electronic disclosure filed Friday afternoon.
The companies also revised the terms for the offer, scrapping the condition that the tender offer would be executed only if the subscribed amount exceeds 7 percent of the total issued shares in Korea Zinc.
MBK Partners and Young Poong, aiming to acquire up to a 14.61 percent stake in Korea Zinc to secure controlling rights, had previously sweetened their offer from 660,000 won to 750,000 won on Sept. 26.
In response, Korea Zinc, partnered with Bain Capital, made a counteroffer Wednesday to buy back up to an 18 percent stake of its shares at 830,000 won.
As of 3:11 p.m., Korea Zinc is trading at 778,000 won on the Kospi, up 9.12 percent from the previous day's closing price.
BY SHIN HA-NEE [shin.hanee@joongang.co.kr]
with the Korea JoongAng Daily
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