MBK not to raise Korea Zinc tender offer price after regulator warns

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MBK not to raise Korea Zinc tender offer price after regulator warns - Korea Economic Daily

Quick Summary:

Its decision not to revise its bid price higher than 830,000 won per share, or up to 3.1 trillion won ($2.4 billion) in total, seems to reflect MBK’s beliefs that its counterpart Korea Zinc in a consortium with Bain Capital will be unlikely to bump up its buyback price, the same as MBK’s tender offer.“Regardless of whether Korea Zinc may raise its tender offer prices for its own shares and for Young Poong Precision, we will not increase our tender offer prices further,” a consortium between MBK and Young Poong Corp.said in a statement on Wednesday.

MBK Partners will not raise its tender offer prices again for Korea Zinc Inc.and its affiliate Young Poong Precision Corp.after hiking them twice to match Korea Zinc’s share buyback offer, a move that industry watchers said would ease their price competition but heralds a lengthy battle.

It added that price competition above the current tender offers will put a burden on the financial structure of Korea Zinc and Young Poong Precision and therefore reduce their corporate and shareholder value.