MBK wins enough stake in tender offer to control Korea Zinc

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The story "MBK wins enough stake in tender offer to control Korea Zinc" was covered 2 hours ago by Korea Economic Daily, a news publisher based in South Korea.

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MBK wins enough stake in tender offer to control Korea Zinc - Korea Economic Daily

Quick Summary:

MBK and Young Poong Corp.failed in their tender offer for Young Poong Precision, which holds a casting vote with a 1.85% stake in the management dispute, as Korea Zinc raised its tender offer price to 35,000 won, higher than 30,000 won of the private equity firm.

FAILED ATTEMPT WITH HIGHER PRICEKorea Zinc failed to attract shareholders to its share buyback program although it vowed to purchase more stocks at a higher price of 890,000 won per share than MBK and Young Poong Corp.’s tender offer price of 830,000 won apiece.

Korea Zinc’s shareholders with a combined 5.34% stake, or 11 million stocks, have decided to sell their shares to MBK and the smelter’s top shareholder Young Poong Corp.by Monday, the last day of their tender offer, according to a regulatory filing.