KISCO Holdings Seeks to Delist Subsidiary Korea Steel
Tender offer at 13,000 won per share
KOSPI-listed KISCO Holdings is pursuing a tender offer for its subsidiary Korea Steel. The move is intended to turn it into an unlisted subsidiary.
KISCO Holdings said on Nov. 2 that it will conduct a tender offer for 8,592,668 common shares in Korea Steel (23.57%) from Nov. 2 through Nov. 23. The offer price is 13,000 won per share, a premium of about 25% over the previous trading day's closing price of 10,430 won. The total offer is valued at 111.7 billion won, with NH Investment & Securities serving as the lead manager.
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KISCO Holdings said the tender offer aims to simplify its corporate governance by making Korea Steel a wholly owned subsidiary, improve management and capital-use efficiency, and enhance corporate and shareholder value over the medium to long term.
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