Korea Zinc Announces Acquisition of 9.85% Treasury Shares via Tender Offer... Ally Bain Capital Also Holds 1.41%
Korea Zinc announced on the 28th that it secured 2,040,030 shares (9.85% stake) through a tender offer. Bain Capital, an ally of Korea Zinc Chairman Choi Yoon-beom, secured 291,272 shares (1.41%). As a result, Korea Zinc's stake increased from 33.99% to 35.4%. The 2,040,030 shares acquired by Korea Zinc are planned to be canceled to enhance shareholder value.
Chairman Choi's side initially aimed to purchase 20% of Korea Zinc's issued shares at 890,000 KRW per share (17.5% treasury shares and 2.5% by Bain Capital). However, the tender offer subscription resulted in acquiring only 9.85% treasury shares and 1.41% by Bain Capital.
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The Yeongpung and MBK alliance increased their stake to the 38% range by combining their existing shares with the tender offer shares.
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