EQT Launches Second Tender Offer for Douzone Bizon... Moves Toward Delisting
Tender Offer Price Unchanged at KRW 120,000 Per Share
Approximately 90% Stake Secured Through First Tender Offer
Delisting Planned After Acquiring Entire Potential Free Float
On March 27, EQT, a global private equity fund manager, announced that it will pursue a second tender offer for Douzone Bizon through its special purpose vehicle, Doronicum. EQT has already secured approximately 90% ownership in Douzone Bizon through the first tender offer and related transactions.
In the second tender offer, EQT will offer the same price per share as in the first tender offer, KRW 120,000 per share. This represents a premium of 32.6%, 32.4%, and 32.3% over the volume-weighted average closing prices for the one, two, and three months, respectively, prior to the first tender offer. It is also the highest price since September 2020. The purchase price is the same as that paid for shares acquired from the largest shareholder, which means minority shareholders can receive the same management premium as the largest shareholder.
According to the tender offer statement for Douzone Bizon, disclosed on the Financial Supervisory Service's DART system on this day, EQT has secured 90% of the potential voting shares, excluding treasury shares held by the company itself, including shares acquired from the largest shareholder, Kim Yongwoo, and others. The target of the second tender offer is the entire potential free float of Douzone Bizon shares.
EQT is expected to proceed with the delisting of Douzone Bizon. Through the tender offer statement, EQT has stated that if a sufficient level of shareholding is secured in Douzone Bizon, it will take all necessary measures to delist the company and make it a wholly owned subsidiary as quickly as possible in accordance with relevant laws and regulations.
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The tender offer period runs from today until April 22. Douzone Bizon shareholders wishing to participate in the tender offer can apply by visiting an NH Investment & Securities branch or online via the NH Investment & Securities website, HTS, or MTS until the end of the tender offer period.
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