MBK, Young Poong seek $1.5 bn hostile bid for Korea Zinc

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MBK, Young Poong seek $1.5 bn hostile bid for Korea Zinc - Korea Economic Daily

Quick Summary:

LEGAL STEPSThe group and MBK are poised to take legal steps to keep Korea Zinc Chair Choi from preparing counteractions, according to investment banking industry sources.Young Poong Corp., which has a 25.4% stake in Korea Zinc, plans to ask a Seoul district court to ban the smelter from buying treasury shares, the sources told The Korea Economic Daily.

Korea Zinc Chair Choi is expected to take countermeasures.“We won’t just wait and see,” said a Korea Zinc official.“We plan to discuss how to respond while closely watching the situation.”Choi is likely to seek white knights with deep pockets, given his close relationships with owners of major local companies, as he needs some 2 trillion won to fend off MBK and Young Poong Group’s tender offer.

MBK and Young Poong Corp., the group’s controlling company, said on Friday in a regulatory filing that they plan to buy a 7-14.6% stake in Korea Zinc, the world’s largest zinc and lead smelter, through a tender offer at 660,000 won per share, an 18.7% premium to the company’s last closing price.