[Special Stock] Youngpoong Precision Rises 6% on Potential Increase in Tender Offer Price

Youngpoong Precision is rising more than 6% in early trading on the 7th. This is attributed to expectations that Choi Yoon-beom, chairman of Korea Zinc, will raise the tender offer price for Youngpoong Precision.

According to the Korea Exchange, as of 9:26 a.m. on the day, Youngpoong Precision is trading at 34,000 KRW, up 6.75% (2,150 KRW) from the previous trading day.

According to industry sources on the day, Jericho Partners, a special purpose company (SPC) established by Chairman Choi Yoon-beom, his uncle Choi Chang-young, honorary chairman of Korea Zinc, and Choi Chang-gyu, chairman of Youngpoong Precision, is scheduled to convene a board meeting. This board meeting is interpreted as a session for Chairman Choi’s side to discuss ways to increase the counter tender offer price and acquisition quantity of Youngpoong Precision (036560) shares.

Youngpoong Precision holds a 1.85% stake in Korea Zinc, making it a key battleground in the current dispute. The Choi family holds about 35% of Youngpoong Precision shares and currently controls management rights. MBK and Youngpoong side, including advisor Jang Hyung-jin, hold about 21%.

During the four-week period, as the tender offer price soared by 50%, Youngpoong Precision’s stock price surged 240%, from 9,370 KRW (on the 12th of last month) to 31,850 KRW (on the 4th of this month).

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