MBK Announces Tender Offer for Remaining Shares of Connect Wave at 18,000 KRW Per Share
Purpose of Delisting... 29.61% of Total Potential Issued Shares Targeted
MBK Partners is conducting a tender offer to acquire a 29.61% stake in Connect Wave, a KOSDAQ-listed company.
According to the Financial Supervisory Service's electronic disclosure system on the 29th, the investment purpose company established by MBK Partners, Korea E-commerce Holdings II Co., Ltd., will conduct a tender offer for 16,647,864 common shares of Connect Wave (29.61% of the total potential issued shares) at 18,000 KRW per share for 26 days from today until the 24th of next month.
The tender offer price applies a premium of 25.8% and 22.6% respectively to the volume-weighted arithmetic average prices of 14,308 KRW for the past one month and 14,685 KRW for the past three months prior to the tender offer date.
Currently, MBK Partners, including special related parties, holds a 58% stake in Connect Wave. This stake is calculated based on the total potential issued shares (56,230,477 shares), assuming that all convertible bonds and bonds with warrants of Connect Wave are converted into shares, and all unexercised stock options (301,824 shares as of the filing date) that will reach the exercise period before the tender offer expiration date are exercised, resulting in the issuance of new common shares.
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MBK Partners plans to acquire all remaining shares through the tender offer and proceed with delisting. MBK Partners intends to purchase all shares tendered regardless of the tender offer participation rate, and the tender offer payment will be made in cash. Connect Wave is an e-commerce platform company born from the merger of Korea Center and Danawa in December 2022. NH Investment & Securities is the securities firm handling the tender offer. Connect Wave shareholders can participate in the tender offer through NH Investment & Securities branches, its website, Home Trading System (HTS), or Mobile Trading System (MTS).
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