Affinity Extends Lock&Lock Tender Offer Period by 3 Weeks

First Proposal Falls Short of Target
Public Tender Price Maintained at 8,750 Won

Affinity Equity Partners, a Hong Kong-based private equity fund (PEF) that holds management rights, is launching a second tender offer for all remaining shares of Lock&Lock, a manufacturer of airtight containers.

According to the investment banking (IB) industry on the 15th, Affinity will conduct the second tender offer for Lock&Lock shares from May 16 to June 5.

Previously, Affinity conducted a tender offer for the remaining 30.33% stake in Lock&Lock over three weeks from April 18 to May 14. The tender offer price at that time was 8,750 KRW per share, which was 6.96% higher than the closing price on April 17 (8,180 KRW).

When the tender offer price was announced, minority shareholders strongly opposed it and launched a campaign against the tender offer. As a result, Affinity failed to secure more than 95% of the shares in the first tender offer. Consequently, the voluntary delisting they aimed for became difficult.

The price for the second tender offer remains the same as the first, at 8,750 KRW per share. The target is 6,293,625 shares of Lock&Lock (14.53%), amounting to approximately 55 billion KRW.