Korea Zinc, which is in a management rights dispute with Youngpoong and MBK Partners, announced on the 2nd that it will purchase 3,209,009 shares, accounting for 15.5% of the total issued shares, at 830,000 KRW per share. This price is 11% higher than Youngpoong's public tender offer price of 750,000 KRW per share, with a total acquisition amount of 2.6634 trillion KRW.
The tender offer period for Korea Zinc is from the 4th to the 23rd of this month. This treasury stock acquisition, conducted jointly with Bain Capital, is planned to be fully canceled in the future. Bain Capital's maximum planned acquisition is about 2.5% of the total issued shares (517,582 shares). Currently, Youngpoong and MBK Partners hold a combined stake of 33.1%. Chairman Choi Yoon-beom of Korea Zinc has secured approximately 33.9%, including friendly shares.
Meanwhile, on the same day, Youngpoong filed an injunction request with the Seoul Central District Court to halt Korea Zinc's 'public tender offer for treasury stock acquisition' procedure. After the injunction request to prohibit Chairman Choi Yoon-beom's side from acquiring treasury stock was dismissed, they filed a separate injunction request, intending to put a brake on Korea Zinc's treasury stock purchase activities.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
