The power struggle over Korea Zinc - founded by two friends who fled North Korea, and is still held by the Choi and the Chang families - has captured headlines.
Shareholders had until the end of Oct 14 to decide whether to accept a twice-sweetened 830,000 won-per-share takeover offer from a consortium made up of its biggest shareholder - the Chang family's Young Poong Corp - and MBK Partners, one of North Asia's biggest private equity firms. The two said last week there would be no further price increases.
On paper, that leaves a rival offer ahead - a buyback launched by chairman Choi Yun-beom. His 890,000 won-a-piece gambit, supported by buyout firm Bain Capital, is over 7 per cent higher, valuing the company at 18.4 trillion won (S$17.8 billion). Yet the stock has traded well short of that level, indicating continued scepticism among investors.
This story is from the October 15, 2024 edition of The Straits Times.
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This story is from the October 15, 2024 edition of The Straits Times.
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