MBK "Korea & Company Tender Offer Falls Short of Target... Will Monitor Corporate Governance Improvement"
MBK Partners attempted to acquire more than 20.35% of the shares of Hankook & Company, the holding company of the Hankook Tire Group, through a tender offer but failed.
On the 22nd, MBK Partners stated, "Meaningful subscriptions were received, but the target was not reached." MBK added, "Improving the corporate governance of Hankook & Company is of utmost importance, and we will continue to monitor the situation."
The results of the tender offer subscription for Hankook & Company shares conducted by MBK until that day showed that the minimum purchase volume (20.35%) was not met.
Some small shareholders and corporations visited Korea Investment & Securities branches nationwide to participate in the tender offer, but enthusiasm was not high. Previously, MBK had decided not to purchase any shares if the minimum volume was not met in the tender offer.
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Meanwhile, Hankook & Company’s stock price closed at 16,380 KRW, down 4.27% that day.
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