Korea Zinc Chairman Choi Yoon-beom has launched a tender offer against its affiliate Youngpoong Precision shares to protect its management rights against Youngpoong and private equity fund MBK Partners.
The tender offer price is 30,000 won, and the number of shares scheduled to be tender offer is 3,937,500, or 25% of all issued shares.
It is 5,000 won higher than the 25,000 won offered earlier by Youngpoong and MBK as an open purchase price for Youngpoong Precision shares.
Chairman Choi's side started a tender offer against Youngpoong Precision shares before Korea Zinc shares because 1.85% of Youngpoong Precision's stake in Korea Zinc is likely to serve as a casting boat in future management disputes.
It is reported that this is the first time in the history of the Korean capital market that an open counter purchase has been made in relation to a management conflict.
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