MBK·Young Poong Public Subscription Ended
Secured 5.34%… Falling short of 6.98%
“Next step is to enforce an extraordinary general meeting”
Variables including an injunction lawsuit from Chairman Choi’s side, ‘ The management rights dispute at Korea Zinc is expected to go beyond harm. The public subscription by MBK Partners and Young Poong ended on the 14th, but they secured 5.34%, falling short of the crucial 6.98% stake. As a result, a fierce showdown between the two sides is anticipated not only at the extraordinary general meeting next month but also at the shareholders’ meeting scheduled for March next year. However, the injunction lawsuit remains a major variable.’,
, “On this day, Korea Zinc’s stock price touched the 820,000 won mark intraday but closed at 793,000 won, down 0.13% (1,000 won) compared to the previous trading day. The uncertainty surrounding the deliberation on the ‘suspension of the procedure for public subscription of treasury stocks’ scheduled for the 18th had a significant impact on investors’ risk aversion. If the injunction is granted, the self-tender offer of Korea Zinc and Bain Capital, worth over 3.7 trillion won (89 million won per share), scheduled until the 23rd may be suspended. However, if it is rejected, Korea Zinc’s public subscription is expected to proceed smoothly.”,
, ‘Even if Korea Zinc’s self-tender offer is successful, it is not only in favor of the Choi family. If Korea Zinc secures the maximum quantity of 17.5% of treasury stocks and burns them all, the stake of the Choi family, including Baegisa estimated companies, will increase from about 34% to 43%. However, the stake of MBK Partners and Young Poong will also rise from the current 33.1% to 40.1%.’,
, ‘On this day, a senior official from MBK Partners stated, “Securing a stake of 6.98% is meaningless,” and added, “Regardless of how much subscription we receive, we will move on to the next step. We will engage in a showdown through an extraordinary general meeting, etc.” Despite failing to secure the minimum stake, they seem to be anticipating the possibility of a management rights dispute until next year.’,
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