EQT Secures 94% Stake in Douzone Bizon, Initiates Delisting Process

Private equity fund (PEF) manager EQT has completed two rounds of tender offers and has secured a 94% stake in Douzone Bizon, moving forward with the delisting process.

According to the Financial Supervisory Service's Electronic Disclosure System on April 24, Doronicum, a special purpose company (SPC) established by EQT, acquired an additional 1,213,466 common shares of Douzone Bizon through its second tender offer that began on March 27. As a result, Doronicum has now secured 9,881,736 common shares and 1,083,173 preferred shares purchased from Chairman Kim Yongwoo and Shinhan Financial Group, as well as 15,193,370 common shares acquired through the first tender offer. This brings Doronicum’s total stake to 94.0% on a basis that includes all preferred shares but excludes treasury shares. It appears this marks entry into the final stage of the delisting process.

EQT stated, "The Douzone Bizon tender offer is a successful case, securing an exceptionally high stake of 90% in the first round and 94% in the second round," adding, "The delisting process is expected to proceed smoothly."

Meanwhile, Douzone Bizon's board of directors, in accordance with the Ministry of Justice’s ‘Director Code of Conduct Guidelines,’ expressed its support for the second tender offer after a separate review by a special committee comprised of independent outside directors on April 15 to thoroughly comply with the procedures for protecting minority shareholders' rights. Although the guidelines require the special committee to review any upcoming comprehensive share exchanges, the necessary explanations and verifications were already provided during the tender offer process, so these related procedures are expected to be completed without issue.

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