On the 22nd, Choi Yoon-beom, chairman of Korea Zinc, who is defending his management rights against the Yeongpung·MBK Partners alliance, succeeded in the public tender offer for Yeongpung Precision, considered one of the key battlegrounds in this management rights dispute.
According to the financial investment industry, the results of the public tender offer subscription for Yeongpung Precision common shares conducted by Jericho Partners, a special purpose company (SPC) established by Chairman Choi's side, from the 2nd to the 21st, were announced through the KB Securities website on the same day.
The public tender offer results showed that 5,492,083 shares, corresponding to 99.6% of the maximum purchase target of 5,512,500 shares set by Jericho Partners, were subscribed, effectively fulfilling the target quantity.
Thus, Chairman Choi's side secured an additional 34.9% stake in Yeongpung Precision through Jericho Partners, maintaining control over Yeongpung Precision.
The Yeongpung Jang family’s stake stands at 21.25%, while the Choi family’s stake increased from 35.45% to 70.35%.
Yeongpung Precision holds a 1.85% stake in Korea Zinc.
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