off-the-wire

Korea Zinc chairman’s investment vehicle raises share offer for Young Poong Precision

Kitco Media
By Reuters
Published:
Updated:
Reuters
Korea Zinc chairman’s investment vehicle raises share offer for Young Poong Precision teaser image

The investment vehicle of Korea Zinc’s chairman, Jerico Partners, raised its tender offer for Young Poong Precision to 35,000 won ($25.93) per share from 30,000 won, the company said in a regulatory filing on Friday.

The move comes as Korea Zinc chairman Yun B. Choi’s family battles for control of the $12 billion zinc empire with the co-founding Chang family, whose electronics conglomerate Young Poong first made a joint offer with private equity firm MBK Partners for Young Poon Precision in September.

This was the first time the Choi family raised its offer price for Young Poong Precision, which holds a minority stake of 1.85% in Korea Zinc, the world’s largest refined zinc producer.

The Choi family’s offer on Friday tops an offer from MBK of 30,000 won per share for Young Poon Precision. Since September, MBK and Young Poong raised their price twice to 30,000 won from 20,0000 won.

($1 = 1,349.5900 won)

(By Heekyong Yang; Editing by Jacqueline Wong and Sonali Paul)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.