A+ Asset Surges on Activist Align’s Public Tender Offer Disclosure [Market Focus]

On the morning of November 18, immediately after the market opened at 9 a.m., shares of A+ Asset, an independent insurance agency (GA), surged by the daily price limit of 30% compared to the previous day's closing price, reaching 7,670 won. This sharp rise appears to be due to activist fund Align Partners Asset Management announcing a public tender offer before the market opened that day.

According to the disclosure made by Align on the same day, the fund plans to acquire up to 19.91% of A+ Asset (a maximum of 4,501,192 shares) at 8,000 won per share through a public tender offer. The tender offer price of 8,000 won is 35.6% higher than the previous day's closing price of 5,900 won and even exceeds the upper price limit of 7,670 won recorded that day. The total purchase amount is approximately 36 billion won, and the offer period runs from today until December 7.

Align explained that the purpose of the tender offer is "to pursue shareholder activism aimed at enhancing shareholder value," adding, "After securing a significant stake, we intend to strengthen transparency in corporate governance, improve capital efficiency, and enhance management performance by engaging in dialogue with management and, if necessary, exercising legally guaranteed shareholder rights."

Align already holds a 4.99% stake in A+ Asset. If this tender offer is completed, Align will secure a total of 24.9% of shares, making it the second-largest shareholder after Chairman Kwak Geunho (who, along with related parties, holds 30.19%).

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