Korea Zinc Chairman’s Firm Succeeds in Tender Offer Amidst Takeover Battle

SEOUL: A special purpose company established by Korea Zinc Inc. Chairman Choi Yun-beom has successfully concluded its tender offer for Young Poong Precision, marking a significant development in the ongoing takeover struggle involving the world's largest zinc smelter. The acquisition, conducted through Jerico Partners, secured 5.49 million shares, representing 99.6 percent of the targeted bid, according to a source familiar with the situation. According to Yonhap News Agency, Young Poong Precision, which holds a 1.85 percent stake in Korea Zinc, was the focus of the tender offer that concluded on Monday. The strategic move comes amid a fierce multi-billion dollar takeover battle between Korea Zinc, private equity firm MBK Partners, and Young Poong Corp., the primary shareholder of the smelter. In a related development, Park Ki-deok, the co-CEO of Korea Zinc, intensified the company's criticism of MBK and Young Poong, claiming their tender offer for Korea Zinc contained a "legal flaw" and deeming it "fundame ntally invalid." Park further accused them of attempting to disrupt the market through alleged stock manipulation and fraudulent transactions. Korea Zinc, co-founded in 1974 by Chang Byung-hee and Choi Ki-ho, has long been under the stable management of the Choi family. The present conflict over control emerged last month following Chairman Choi Yun-beom's efforts to distance the company from Young Poong. The coalition of Young Poong and MBK currently holds a 38.47 percent stake in Korea Zinc, while Chairman Choi and his allied investors maintain control over 33.99 percent, as per industry sources.