SEOUL: A multi-billion dollar counteroffer by Korea Zinc Inc. for its own shares is set to expire, with the company's stock trading below the offer price. The world's biggest zinc smelter is embroiled in a takeover battle against private equity firm MBK Partners and Young Poong Corp., its largest shareholder. According to Yonhap News Agency, Korea Zinc shares rose by 1.26 percent to 885,000 won (approximately US$640.60) as of 2:30 p.m. on Wednesday, slightly below the offer price of 890,000 won. Last week, MBK Partners and Young Poong Corp. announced that they had secured a 5.34 percent stake in Korea Zinc through their tender offer, increasing their combined share to 38.47 percent. Korea Zinc's chairman, Choi Yun-beom, and his allied investors currently hold a 33.99 percent stake in the company. Earlier this week, Choi's special purpose company successfully completed its tender offer for Young Poong Precision, which possesses a 1.85 percent stake in Korea Zinc. The company, co-founded in 1974 by Chang Byun g-hee and Choi Ki-ho, has been under the stable management of the Choi family for decades. However, the current control struggle began last month when Choi Yun-beom, who assumed chairmanship in 2022, sought to separate Korea Zinc from Young Poong.
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