30,000 → 35,000 Won... Total Investment of 137.8 Billion Won
MBK Side Raises Above 30,000 Won
Choi Yoon-beom, chairman of Korea Zinc, has raised the tender offer price for Youngpoong Precision from the original 30,000 won to 35,000 won. He showed a strong determination to secure shares in the management rights dispute between Youngpoong-MBK Partners and Korea Zinc.
According to the Financial Supervisory Service's electronic disclosure system on the 11th, Jericho Partners, a special purpose company (SPC) established by Chairman Choi, announced that it would raise the tender offer price for Youngpoong Precision from 30,000 won to 35,000 won on that day.
Jericho is a special purpose company established by Chairman Choi Yoon-beom, his uncle Choi Chang-young, honorary chairman of Korea Zinc, and Choi Chang-gyu, chairman of Youngpoong Precision.
The planned purchase quantity remains the same at 25%. KB Securities has been newly added as a co-manager of the tender offer alongside Hana Securities. The total investment amount, which was previously 118.1 billion won, has increased to 137.8 billion won.
Jericho held a board meeting on the 7th to discuss matters related to treasury shares. The market had predicted that the plan to raise the tender offer price would be announced on the 11th, the last trading day of Youngpoong Precision's tender offer by MBK-Youngpoong.
The previous purchase price for Youngpoong Precision was 30,000 won on both sides, but Chairman Choi's purchase volume was 25% (3,937,500 shares), which was disadvantageous compared to MBK's 6,840,801 shares (43.43%).
MBK announced that it would not raise the tender offer price for Youngpoong Precision any further.
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