MBK Partners, which has been competing with the Choi family of Korea Zinc, the existing management team, to secure management rights of Korea Zinc, said it would not raise the bid price of Korea Zinc and Youngpoong Precision any longer.
MBK said in a statement today (9th) that the tender offer price of 830,000 won per share for Korea Zinc and 30,000 won per share for Youngpoong Precision is sufficiently high compared to the current appropriate value of each company.
MBK said the decision was made regardless of whether Korea Zinc Chairman Choi Yoon-beom's further increase, saying it cannot just watch the corporate value of Korea Zinc and Youngpoong Precision be damaged by additional price competition.
It added that while stock acquisition is also important, it is necessary to prevent irreversible damage to Korea Zinc and develop it from transparent governance.
MBK also promised to guarantee employment, saying it has no plans to replace its existing professional management.
He then promised that there would be no outflow of technology and overseas relocation of production bases, saying that he would not do anything that could hinder Korea Zinc's national infrastructure industry.
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