MBK to Conduct Tender Offer for Remaining Shares of Connect Wave... Aiming for Delisting

Total Shares Representing 29.61%... Likely to Purchase All

Private equity firm MBK Partners is reportedly planning to initiate a tender offer for the remaining shares of e-commerce platform Connect Wave in order to delist the company.

According to the financial investment industry on the 28th, MBK Partners' special purpose company (SPC) Korea E-commerce Holdings will conduct a tender offer from the 29th of this month until the 24th of next month to purchase 16,647,864 shares, equivalent to 29.61% of Connect Wave's total potential issued shares (56,230,477 shares).

MBK Partners plans to acquire all remaining shares through the tender offer, excluding the 18,199,803 shares owned by Korea E-commerce Holdings, the 5,226,469 shares held by founder Kim Gi-rok, and the 6,974,871 treasury shares of Connect Wave.

MBK Partners is expected to purchase all shares tendered regardless of the tender offer participation rate. Furthermore, they intend to promptly carry out a voluntary delisting of the target company to make it a private company.

The tender offer price is 18,000 KRW per share. Connect Wave's stock price surged 18.85% on the last trading day to 15,570 KRW.