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Biz News Korea(Eng)
MBK Partners launches public tender offer for Hankook & Company
- Collected
- 2023.12.06
- Distributed
- 2023.12.07
- Source
- Go Direct
![[Courtesy of MBK Partners, Hankook & Company]](https://pulsenews.co.kr///file.mk.co.kr/meet/neds/2023/12/image_readtop_2023_935611_17018341175737627.jpg)
[Courtesy of MBK Partners, Hankook & Company]
MBK Partners announced that it has launched a tender offer for Hankook & Company shares at 20,000 won ($15.21) per share from Tuesday, which will last until December 24.
The price is 19 percent higher than the closing price of 16,820 won on Monday. The private equity firm plans to purchase a stake of minimum 20.35 percent and maximum 27.32 percent.
Upon the tender offer reports, however, Hankook & Company’s shares soared to the upper limit at 21,850 won, putting the tender offer up in the air.
The market still believes that MBK Partners may raise the tender offer price to pursue its goal.
Cho Hyun-bum, chairman and the largest shareholder of Hankook & Company, said Tuesday that he has no issues defending his management rights as he holds a 42.03 percent stake. He has also secured an additional 5~6 percent friendly stake.
Meanwhile, Hy Co., a company known to be close to Chairman Cho, bought a stake worth about 5 billion won on Tuesday, according to sources.
Some analysts see that the purchase was made through an off-balance sheet entity, similar to what happened in February when Korean record label Hybe Corp.’s tender offer for SM Entertainment Co. fell through.
“Chairman Cho’s side has secured a friendly stake of 5 to 6 percent in addition to the existing stake, so a tender offer to stand up to the move is not so much needed,” said a senior official at Hankook & Company.
By Oh Dae-seok, Moon Gwang-min, and Choi Jieun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]