Korea Zinc, MBK-Young Poong alliance to fight over cumulative voting

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Korea Zinc, MBK-Young Poong alliance to fight over cumulative voting - Korea Economic Daily

Quick Summary:

The battle over Korea Zinc Inc.'s management control between Korea Zinc Chairman Choi Yun-burm and the Young Poong Corp.-MBK Partners alliance has now boiled down to the vote on the introduction of a cumulative voting system at Korea Zinc's extraordinary shareholders' meeting on Jan.23.

According to the investment banking industry sources on Monday, the 3% rule will apply to the cumulative voting system proposal at Korea Zinc's shareholders' meeting.

Young Poong, a major shareholder of Korea Zinc, the world’s largest lead and zinc smelter, has joined hands with MBK Partners, a private equity firm focused on Northeast Asia, to purchase more Korea Zinc shares to acquire a controlling stake in the company – a tender offer that began Sept.13.