MBK Partners, a private equity fund that has joined hands with Youngpoong to secure management rights for Korea Zinc, stressed that its original purpose of establishing the decision-making structure of Korea Zinc was recognized for the results of the tender offer.
MBK said that when the report on the results of the tender offer of Korea Zinc shares was disclosed, an additional 5.34% stake was added to the previous 33.13% stake, allowing it to secure voting rights close to a majority at the general shareholders' meeting.
The capital market then claimed that Choi Yoon-beom, chairman of Korea Zinc, is evaluating the tender offer of treasury stocks as a self-fulfilling water lacking purpose, justification and practical benefits.
However, the tender offer for Youngpoong Precision, which was considered a match-winner with a 1.85% stake in Korea Zinc, secured only an additional 0.01% stake.
In response, Korea Zinc filed a petition with financial authorities to investigate market manipulation, saying its stock price plunged in a short period of time on the last day of MBK's tender offer.
Korea Zinc explained that it is a suspicion that MBK created a market environment for investors to participate in the MBK tender offer by artificially dropping the stock price of Korea Zinc.
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