Korea Zinc chairman's investment vehicle raises share offer for Young Poong Precision (updated)

YoungPoong

11/10/2024 24:44

(Adds background)
       SEOUL, Oct 11 (Reuters) - The investment vehicle of
Korea Zinc's  010130.KS  chairman, Jerico Partners, raised its
tender offer for Young Poong Precision  036560.KQ  to 35,000 won
($25.93) per share from 30,000 won, the company said in a
regulatory filing on Friday. 
    The move comes as Korea Zinc Chairman Yun B. Choi's family
battles for control of the $12 billion zinc empire with the
co-founding Chang family, whose electronics conglomerate Young
Poong  000670.KS  first made a joint offer with private equity
firm MBK Partners for Young Poon Precision in September. 
    This was the first time the Choi family raised its offer
price for Young Poong Precision, which holds a minority stake of
1.85% in Korea Zinc, the world's largest refined zinc producer. 
    The Choi family's offer on Friday tops an offer from MBK of
30,000 won per share for Young Poon Precision. Since September,
MBK and Young Poong raised their price twice to 30,000 won from
20,0000 won. 


($1 = 1,349.5900 won)

 (Reporting by Heekyong Yang; Editing by Jacqueline Wong and
Sonali Paul)
 ((Heekyong.Yang@thomsonreuters.com;))