Korea Zinc offers higher share buyback price than MBK’s bid

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Korea Zinc offers higher share buyback price than MBK’s bid - Korea Economic Daily

Quick Summary:

YOUNGPOONG PRECISION WITH A CASTING VOTESimultaneously, Korea Zinc’s three family members led by Chair Choi Yun-birm plans to spend 118.1 billion won to buy shares in Young Poong Precision Corp.at 30,000 won per share to secure an additional 25% stake, according to the latter’s regulatory filing on Tuesday.

Young Poong Precision Chairman Choi Chang-gyu and Korea Zinc honorary Chairman Choi Chang-young formed a three-way consortium with Korea Zinc's current chairman for a share repurchase with an aim of lifting their combined stake to 60.45%.

Korea Zinc Inc.will unveil a share buyback at a higher price than MBK Partner’s bid to counter the latter’s attempt to secure control of the world’s largest lead and zinc smelter, according to people familiar with the matter on Tuesday.