2024-10-11
Oct. 11 (Yonhap) — Korea Zinc Inc. said Friday it has raised the tender offer price for its own shares as a battle with Young Poong Corp. and private equity firm MBK Partners heated up for control of the world’s biggest zinc smelter.
The offer price increased to 890,000 won (US$660) per share from the current 830,000 won, Korea Zinc said in a regulatory filing.
The company also plans to acquire 17.5 percent of its total shares, or 3.62 million shares, through the tender offer, an increase from its earlier plan to purchase 15.5 percent.
U.S. private equity firm Bain Capital, which has sided with Korea Zinc for the tender offer project, will purchase 2.5 percent, or 517,000 shares, worth 400 billion won.
As a result, Korea Zinc will need a total of 3.69 trillion won for the purchase, including 470 billion won for Bain Capital, up from the initially planned 2.66 trillion won.
※ Full Article: Korea Zinc sweetens offer price for own shares as takeover battle heats up(Yonhap, Oct. 11)
