Korea Zinc goes all in to fend off takeover

(The Korea Herald, Oct. 11)

 

 

The current management of Korea Zinc on Friday decided to up the ante to maintain control over the world’s largest zinc smelter, lifting the tender offer price to 890,000 won ($660) per share, higher than 830,000 won presented by the coalition of MBK Partners and Young Poong.

While the current management of Korea Zinc, represented by Chairman Choi Yun-beom, initially targeted securing an additional 15.5 percent of the total issued shares, the target has been raised to 17.5 percent. Adding the 2 percent target set by US private investment giant Bain Capital, whom Choi has joined hands with, he could secure an additional 20 percent stake in the company.

With the decision, the tender offer plan will cost around 3.2 trillion won for Korea Zinc, up over 500 billion won from the previously budgeted 2.7 trillion won.

 

※ Full Article: Korea Zinc goes all in to fend off takeover (The Korea Herald, Oct. 11)

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