But MBK decried Korea Zinc's buyback plan as a breach of trust since its Chairman Choi is tapping a substantial amount of its retained earnings for the proposed buyback, which will take place at a price above its estimated fair value.“To counter Chairman Choi Yun-birm's illegal tender offer for buybacks and to correct Korea Zinc's corporate governance, we have revised the price and conditions for our tender offer again,” MBK said.“We will purchase all shares offered (during our tender offer) and correct Korea Zinc's damaged corporate governance together with Young Poong, the largest shareholder (in Korea Zinc),” it added.
A consortium of MBK Partners-Young Poong Corp.on Friday raised its tender offer price for Korea Zinc Inc.again and removed the lower limit of its share purchase to match the world’s top lead and zinc smelter’s share buyback proposal worth up to 3.1 trillion won ($2.4 billion), escalating their competition to take control of the smelting company.
Otherwise, it had planned to cancel the tender offer.The 6.98% is a minimum number of shares required to secure the latter's management rights.The new bid price, 10.7% higher than its revised offer of 750,000 won and the lower limit removal for its share purchase match Korea Zinc’s proposal announced early on the day.
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