MBK’s Korea Zinc bid aimed at corporate governance, shareholder value

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The story "MBK’s Korea Zinc bid aimed at corporate governance, shareholder value" was covered 2 weeks ago by Korea Economic Daily, a news publisher based in South Korea.

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MBK’s Korea Zinc bid aimed at corporate governance, shareholder value - Korea Economic Daily

Quick Summary:

MBK Partners’ takeover bid for Korea Zinc Inc.aims to improve corporate governance and shareholder value at the world’s largest lead and zinc smelter, the private equity firm’s founder and Chairman Michael ByungJu Kim said.“To put it simply, it’s all about governance and shareholder value,” Kim said in response to a question from a Korea Economic Daily reporter on Monday while attending the groundbreaking event for a library named after him in Seoul.

MBK, a private equity firm focused on Northeast Asia, argued that Korea Zinc’s current governance structure is problematic.Young Poong owns 33.1% of Korea Zinc as its largest shareholder, but Chairman Choi's Firm exercises management control with his 1.84% stake.

His comments mark MBK’s first official response to the MBK-Young Poong Corp.alliance’s bid to acquire a controlling stake in Korea Zinc – a tender offer that began Sept.13.