Korea Zinc takes control of key shareholder in management feud with MBK

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Korea Zinc Inc.succeeded in taking control of Young Poong Precision Corp., a key player in the management dispute against North Asia-focused private equity firm MBK Partners Ltd., through a tender offer.Jerico Partners Co.founded by Korea Zinc Chair Choi Yun-birm and his family members has secured a 34.9% stake in Young Poong Precision, or 5.49 million shares, through the tender offer by Monday, according to KB Securities Co., which managed the deal.

The tender offer results are unlikely to significantly affect MBK’s goal to take control of Korea Zinc as the private equity firm and the smelter’s top shareholder Young Poong Corp.have already secured a large enough stake through a separate tender offer, industry sources said.

MBK could have secured a 3.7% voting stake in the world’s largest zinc and lead smelter if the private equity firm takes control of Young Poong Precision.

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Article Details

Category: Economy

Markets: South Korea

Topics: Precision Zinc Stake Control Young Korea Offer Private Poong Management Tender

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-22 @ 16:53:53 (6 days ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 289 words

Reading Time: 2 minutes read

Sentences: 14 lines

Sentence Length: 21 words per sentence (average)

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Copyright Owner: © Korea Economic Daily

News ID: 23196055

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