MBK Secures 86% Voting Rights Stake Excluding Connect Wave Treasury Shares

MBK Partners announced on the 26th that it has secured 86% of the voting shares excluding treasury shares as a result of the Connect Wave tender offer. The subscription period ended on the 24th.

By securing a shareholding ratio exceeding the mid-80% range through the first tender offer, the likelihood of successfully delisting after the second tender offer has increased. Recently, private equity fund (PEF) managers have completed voluntary delisting of listed companies through first and second tender offers as well as continuous purchases.

MBK Partners is also reportedly planning to conduct a second tender offer at the same price as the first tender offer (18,000 KRW) as early as the beginning of next week to protect the rights of minority shareholders.

Regardless of the results of the second tender offer, MBK Partners intends to promptly take measures for delisting in accordance with relevant laws if a sufficient level of shareholding is secured.