Korea Corporate Investment Holdings Co., Ltd. and Young Poong Precision Corporation (KOSDAQ:A036560) made an offer to acquire 14.7% stake in Korea Zinc Company, Ltd. (KOSE:A010130) for KRW 2.2 trillion on September 13, 2024. As on September 26, 2024, MBK Partners Ltd. raised its bid price to take control of Korea Zinc to KRW 750,000 per share from the initial KRW 660,000. A cash consideration of KRW 1 trillion valued at KRW 660000 per share will be paid by Korea Corporate Investment Holdings Co., Ltd and Young Poong Precision Corporation. As part of consideration, KRW 1 trillion is paid towards common equity of Korea Zinc Company, Ltd. The expected completion of the transaction is October 4, 2024. A tender offer by private equity firm MBK Partners to gain a controlling stake in Korea Zinc Inc., the world's biggest zinc smelter, is set to expire on October 4, 2024, with the smelter's stock trading above the tender offer price. In a rare counter offer, Korea Zinc Chairman Choi Yun-beom said the company decided to repurchase and cancel its own shares at a price of 830,000 won per share, starting from Friday and running until October 23, 2024. As of October 2, 2024, the Seoul Central District Court (Case No. 2024Kahap21412) ruled that all claims made by MBK and Young Poongin their injunction request?which claimed that the acquisition of treasury shares for the purpose of defending management rights is illegal in itself?were without merit and issued a complete dismissal of the case. As of October 10, 2024, MBK Partners confirmed they will not raise their current offer of KRW 830,000 per share for Korea Zinc, is a continued attempt to lure the investors by extending their tender offer until October 14, without abandoning the hostile M&A bid they launched on September 13, 2024. And swiftly stabilize the market, protect investors from ongoing hostile and predatory actions, and safeguard the company and its employees, Korea Zinc will proceed with completing the buyback and cancellation of treasury shares. The deal is expected to be completed on October 14, 2024.

Korea Corporate Investment Holdings Co., Ltd. and Young Poong Precision Corporation (KOSDAQ:A036560) completed the acquisition of 5.38% stake in Korea Zinc Company, Ltd. (KOSE:A010130) for KRW approximately 910 billion on October 14, 2024. As part of the Tender offer the Offerors purchased 1,105,163 equity shares, for KRW 830,000 per share in the paid up share capital of Korea Zinc Company, Ltd. On completion, the Offeror's holding of shares after the tender offer totally up o 7,964,417, representing 38.47% stake in Korea Zinc Company, Ltd.