Private equity MBK, Young Poong raise tender offer to $1.7 bln for Korea Zinc shares (updated)

YoungPoong

26/09/2024 24:10

(Changes sourcing, adds details)
       SEOUL, Sept 26 (Reuters) - Private equity firm MBK
Partners and Young Poong  000670.KS   raised their tender offer
price for shares in top non-ferrous metal smelter Korea Zinc
 010130.KS  to 750,000 won per share, up from 660,000 won
initially, they said in a regulatory filing. 
    The move makes the tender offer now worth as much as 2.3
trillion won ($1.7 billion), according to Reuters calculations. 
    On Wednesday, Korea Zinc shares closed at 704,000 won.
    The tender offer ends on Oct. 6, with the last trading day
on Oct. 4. 
    Young Poong is already Korea Zinc's largest shareholder,
with a 25.4% stake as of end-June. 
    The current management at Korea Zinc, which has deemed the
tender offer a "hostile" takeover attempt, is working to secure
support from various parties, officials said. They declined to
confirm the parties. 
    An analysis by Meritz Securities showed that as of early
September Young Poong and investors supportive of it controlled
a 33.13% stake, while Korea Zinc's current management and
supportive investors controlled a 33.99% stake. 
        
  
($1 = 1,333.2900 won)

 (Reporting by Joyce Lee; Editing by Jacqueline Wong)
 ((joyce.lee@tr.com;))