[Special Stock] Youngpoong Precision Soars on News of Chairman Choi Yoon-beom's Open Tender Offer
Yeongpung Precision is rising from the beginning of trading on the 2nd following the news of Chairman Choi Yoon-beom of Korea Zinc's plan to pursue a public tender offer.
As of 9:43 a.m. that day, Yeongpung Precision was trading at 26,350 KRW, up 4.15% (1,050 KRW) from the previous trading day. During the session, Yeongpung Precision surged to as high as 28,100 KRW.
The stock price is interpreted to be soaring due to the news that private equity fund Jericho Partners, which has a special relationship with Chairman Choi and Chairman Choi Chang-gyu of Yeongpung Precision, is conducting a public tender offer for Yeongpung Precision shares.
Before the market opened that day, Jericho Partners announced that it would publicly tender 3,937,500 shares of Yeongpung Precision from that day until the 21st. This represents 25% of the total issued shares, and the public tender offer price was set at 30,000 KRW.
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This price is 20% higher than the public tender offer price of 25,000 KRW proposed by MBK and Yeongpung. The period is 20 days, from the 2nd to the 21st.
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