Korea Zinc, Public Tender Offer Price Increase Imminent... Board Meeting Scheduled for the 11th

Yeongpung Precision Likely to Raise Tender Offer Price

Korea Zinc will convene a board meeting to decide whether to raise the tender offer price for its treasury shares.

According to industry sources on the 10th, Korea Zinc notified its board members that it will hold a board meeting on the morning of the 11th. This day is the last day for Korea Zinc to change the conditions without extending the tender offer period, which ends on the 23rd of this month.

Choi Yoon-beom, Chairman of Korea Zinc, is attending a Korea Zinc press conference held on the afternoon of the 2nd at the Grand Hyatt Hotel in Yongsan-gu, Seoul.
[Photo by Yonhap News]

There is also a high possibility that Young Poong Precision's tender offer price will be increased. Young Poong Precision announced on the 30th of last month that it had signed a stock pledge contract involving a change of the largest shareholder.

According to the announcement, regarding the Young Poong Precision tender offer conducted by Jericho Partners, a special purpose company (SPC) of Chairman Choi Yoon-beom, Young Poong Precision CEO Yoo Joong-geun and others established a stock pledge on 34.94% of their shares to secure the loan debt owed by Jericho Partners to Hana Securities. The collateral amount is 100 billion KRW, which is expected to be used for raising the Young Poong Precision tender offer price or expanding the purchase quantity.