Korea Zinc said on Monday it secured a 9.85% stake in the company via a tender offer that expired last week, as it seeks to fend off a takeover bid by private equity firm MBK and Young Poong.
“Korea Zinc has promised to enhance shareholder value by cancelling all treasury stocks it buys through this tender offer,” it said in a statement. However, with the additional tender offer, analysts said the stake favourable to Korea Zinc is estimated at around 36%.