2024-10-22
(Chosun, Oct. 22)
A Seoul court dismissed an injunction requested by private equity firm MBK Partners and Young Poong to block Korea Zinc, South Korea’s leading non-ferrous metal producer, from buying back its own shares on Oct. 21.
The court’s decision clears the way for Korea Zinc Chairman Choi Yun-beom and his family to proceed with their tender offer to purchase up to 20% of Korea Zinc’s shares—17.5% from Korea Zinc and 2.5% from Bain Capital—at 890,000 won ($644) per share until Oct. 23. If MBK’s claims had been upheld, MBK could have increased its stake through additional tender offers, gaining a stronger position in the battle for management control.
Korea Zinc’s shares jumped 6.43% to close at 877,000 won following the court’s decision. Last-minute buyers looking to take advantage of the situation sought shares to be eligible for the tender offer, which ends on Oct. 23.
Full Article: Korea Zinc to proceed with tender offer after court dismisses MBK’s injunction(Chosun, Oct. 22)
