The Choi Family Announces Public Tender Offer for Youngpoong Precision at 35,000 KRW... Online Subscription Available

Securing up to 25% Stake... Targeting 60.3% Ownership

Jerico Partners, funded by Choi Chang-gyu, chairman of Youngpoong Precision, Choi Yoon-beom of Korea Zinc, and three other members of the Choi family, has raised the counter tender offer price for Youngpoong Precision to 35,000 KRW per share.

On the 11th, Jerico Partners announced that it would increase the counter tender offer price for Youngpoong Precision to 35,000 KRW per share, which is 5,000 KRW higher than the 30,000 KRW offered by MBK Partners.

[Image source=Yonhap News]

Jerico Partners selected Hana Securities and KB Securities as joint lead managers and improved the subscription system. Shareholders can subscribe offline through Hana Securities and KB Securities, and online subscriptions are also available through KB Securities.

Jerico Partners explained, "This will provide equal participation opportunities to all shareholders and contribute to creating a fair management rights competition environment." The tender offer subscription will continue until the 21st.

With this counter tender offer, the friendly stake held by the current management of Youngpoong Precision is expected to increase by up to 25% (3,937,500 shares), expanding the shareholding from the existing 35.31% to a maximum of 60.3%. Through this, the current management of Youngpoong Precision is expected to further solidify control over the company and enhance management stability.

Considering that Youngpoong Precision's total floating stock ratio is 43%, if investors subscribe half of their shares to Jerico Partners, it is expected to resolve uncertainties regarding the tender offer subscription.

A Jerico representative stated, "Through the counter tender offer, we plan to block MBK Partners' hostile M&A and continue to implement management policies supported by existing shareholders, a vision for sustainable growth, and shareholder-friendly policies."