Chairman Jo Hee-kyung Officially Declares Participation in Korea & Company Tender Offer

Jo Hee-kyung, Chairperson of the Korea Tire Sharing Foundation, is participating in MBK Partners' tender offer for Korea & Company. She has also requested the termination of the special relationship with CEO Jo Hyun-beom from Korea & Company.

According to the investment banking (IB) industry on the 20th, Chairperson Jo Hee-kyung expressed her intention to participate in MBK Partners' tender offer to improve the governance of Korea & Company the day before, and signed a tripartite agreement with her brother, Advisor Jo Hyun-sik, and Jo Hee-won.

Chairperson Jo Hee-kyung currently owns 0.81% of Korea & Company's shares.

With the actual tender offer subscription deadline three days away on the 22nd, interest is growing in whether MBK Partners' tender offer for Korea & Company will succeed, as a shareholder holding a significant stake has publicly announced participation for the first time.

The market analyzes that the participation of institutions such as the National Pension Service, asset management companies, and hedge funds, as well as the subscription enthusiasm of minority shareholders aware of the stock price decline risk, hold the key to the success or failure of the tender offer.

MBK Partners Special Situations (MBKP SS) tender offer special purpose company (SPC) Venture aims to tender at least 20.35% to a maximum of 27.32% (19,315,214 to 25,934,385 shares) of Korea & Company's shares at 24,000 KRW per share.

Since the tender offer closing date on the 25th of this month is a public holiday, investors wishing to participate in the tender offer must purchase Korea & Company shares by the 20th, and Korea & Company shareholders must apply to sell their shares to Korea Investment & Securities, the tender offer handling securities company, by the 22nd of this month.