Private equity MBK Partners launches offer for 20% stake in Hankook & Co (updated)

Hankook Tire & Technology

05/12/2023 04:47

(Adds share price moves in paragraph 5)
       Dec 5 (Reuters) - South Korean private equity firm MBK
Partners said on Tuesday it had launched a tender offer to
acquire a minimum of a 20.35% stake in battery storage maker
Hankook & Company  000240.KS .
    MBK Partners said the tender offer is set at 20,000 won per
share, valuing Hankook at 1.894 trillion won ($1.45 billion). 
    The offer represents an 18.9% premium to Hankook's closing
price of 16,820 won in the last trading session. 
    The private equity firm said it is looking to take no more
than a maximum target stake of 27.32% in Hankook & Co, holding
company of Hankook Tire & Technology  161390.KS . 
    Shares in Hankook & Co rose as much as 30% to 21,850 won,
hitting their highest since late February 2021. Shares in
Hankook Tire & Technology were trading up 2.3% as of 0443 GMT. 
    Ventura Corporation, a special purpose company established
for MBK's tender offer, said it will launch the public tender
offer for Hankook's shares listed on the Korea Stock Exchange,
MBK Partners said in a statement. 

    ($1 = 1,310.3700 won)

 (Reporting by Rajasik  Mukherjee and Shivangi Lahiri;
Additional reporting by Heekyong Yang;  Editing by Dhanya Ann
Thoppil and Tom Hogue)
 ((Rajasik.Mukherjee@thomsonreuters.com;))