The claim is just a matador that we are Chinese,” Kim said at a press conference on the bid.“Chinese capital accounts for about only about 5% (of the fund), although it is difficult to confirm it as we have yet to complete the capital call.”The Seoul-based private equity firm is likely to sell Korea Zinc to a South Korean company later as the smelter is part of a national key industry, he said.
ATTRACTIVE TENDER OFFER PRICEKim was confident in the success of the takeover bid, saying the tender offer price was attractive to shareholders.MBK is set to buy a 48.8% stake, which includes 2.2% from individual shareholders, through the tender offer.“Institutional investors hold 97.7% of the shares to be purchased through the bid and they were estimated to have bought the stocks at an average of around 450,000 won per share,” he said.“The tender offer price of 660,000 won is about a 51% premium, which is attractive enough.”Kora Zinc’s share ended up 6.16% at 707,000 won in the South Korean main stock market after hitting an all-time high of 720,000 won, as investors expected the feud over its management control to further heat up.
Choi invested in companies, which were not related to Korea Zinc’s main business and were not checked for profitability, Kim said.“Thirty companies out of 39, in which Korea Zinc has invested since 2019, have been making cumulative net losses,” he said, adding the smelter acquired Igneo Holdings LLC at costs of 200 times annual sales although the company’s shareholder equity was negative.
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