Grayholdings·Bando Development, Public Tender Offer for 1.2 Million New Shares of Hanjin KAL

[Asia Economy Reporter Minji Lee] Grace Holdings (KCGI) and Bando Development announced on the 23rd that they will conduct a tender offer for 1.2 million new Hanjin KAL subscription warrants (33% of the total unexercised new subscription warrants) for mergers and acquisitions (M&A). The purchase price per share is 25,000 KRW, with Grace Holdings planning to acquire 800,000 shares and Bando Development 400,000 shares.

The company stated, "The purpose is to prevent dilution of shares by additionally purchasing subscription warrants, and for the shareholder coalition including the tender offerors to gain control over the target company, thereby establishing a desirable governance structure befitting the stature of the Hanjin Group."