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Biz News Korea(Eng)

Hankook & Company stock falls on second day of tender offer

Collected: 2023.12.06

Distributed: 2023.12.07

Source: Go Direct

[Courtesy of Hankook & Company]

Shares of Hankook & Company Co., the holding company of Hankook Tire & Technology, were trading nearly 3 percent lower on Wednesday, a day after a public tender offer was launched by MBK Partners and Cho Hyun-shick, the eldest son of Honorary Chairman Cho Yang-rai.

Shares of Hankook & Company fell 2.75 percent to 21,250 won ($16.2) as of 10:47 a.m. on Wednesday.

On the first day of the tender offer, the stock had surged to the daily limit. It, however, declined on the following day. The stock price has since recovered above the tender offer price of 20,000 won.

On Tuesday, MBK Partners, along with Cho Hyun-shick, made a tender offer for Hankook & Company, reigniting a sibling feud after two years.

The shares sought under the offer represent 20.35~27.32 percent of the company’s shares and the offer will remain open until December 24.

Industry insiders and some analysts speculate, however, that the chances of a successful tender offer appear to be uncertain, given that Chairman Cho Hyun-bum, the younger brother, holds a significant stake in the company at 42.03 percent.

Observers note that there is little incentive for ordinary shareholders to sell their stocks to Cho Hyun-shick and MBK Partners, as the company’s stock price has risen, surpassing the offer price of 20,000 won

Shares of Hankook Tire & Technology were also trading 2.39 percent lower at 45,000 won on Wednesday morning.

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