Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Since MBK's tender started, institutional trading has been light, leaving local retail investors in control. Choi’s 35% ceiling poses real proration risk for traders eyeing the action.</li>
<li>MBK might not have wanted YPP; they could just be using it as bait to not only drain Choi’s cash but also to put them in a tight financial spot.</li>
<li>MBK is set to focus on snapping up Korea Zinc shares in the open market to increase their stake and thwart any buyback tender offers.</li>
</ul>


Since MBK's tender started, institutional trading has been light, leaving local retail investors in control. Choi’s 35% ceiling poses real proration risk for traders eyeing the action.
MBK might not have wanted YPP; they could just be using it as bait to not only drain Choi’s cash but also to put them in a tight financial spot.
MBK is set to focus on snapping up Korea Zinc shares in the open market to increase their stake and thwart any buyback tender offers.


Let’s Get Real About the Odds of MBK Launching a New Tender for YPP

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>MBK Partners announced that it is raising its tender offer price for Young Poong Precision from 25,000 won to 30,000 won, matching Choi family's tender offer price of 30,000 won. </li>
<li>Accordingly, MBK's tender offer period for Young Poong Precision has been extended from 6 October to 14 October.</li>
<li>The revised up tender offer price of Young Poong Precision by MBK at 30,000 won is likely to result in boosting its stock price closer to the 30,000 won.</li>
</ul>


MBK Partners announced that it is raising its tender offer price for Young Poong Precision from 25,000 won to 30,000 won, matching Choi family's tender offer price of 30,000 won. 
Accordingly, MBK's tender offer period for Young Poong Precision has been extended from 6 October to 14 October.
The revised up tender offer price of Young Poong Precision by MBK at 30,000 won is likely to result in boosting its stock price closer to the 30,000 won.


MBK Raises Tender Offer Price of Young Poong Precision to 30,000 Won

<ul>
<li>MBK is raising its tender offer for Young Poong Precision to ₩30,000 per share, matching Choi’s offer and extending the deadline to October 14. Filing expected tomorrow before market open.</li>
<li>MBK targets 6.84 million shares, surpassing Choi's 3.94 million cap. No hard floor, no cancellation risk, but MBK holds an edge in proration.</li>
<li>The buzz is whether MBK will raise its Korea Zinc bid beyond 900,000 KRW, as Choi prepped with a 950,000 KRW offer. A bid hike and extension seem likely.</li>
</ul>


MBK is raising its tender offer for Young Poong Precision to ₩30,000 per share, matching Choi’s offer and extending the deadline to October 14. Filing expected tomorrow before market open.
MBK targets 6.84 million shares, surpassing Choi's 3.94 million cap. No hard floor, no cancellation risk, but MBK holds an edge in proration.
The buzz is whether MBK will raise its Korea Zinc bid beyond 900,000 KRW, as Choi prepped with a 950,000 KRW offer. A bid hike and extension seem likely.


MBK Hikes Youngpoong Precision Tender Price to ₩30,000: Tender Deadline Extended to the 14th

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The Choi family have launched a Tender Offer to acquire 3.937mn shares (25%) of <a href="https://www.smartkarma.com/entities/young-poong-precision-corp" target="_blank" data-smartkarma-citation="entities:16188:1" rel="noopener">Young Poong Precision (036560 KS)</a> (YPP) at ₩30,000/share,  20% above MBK/<a href="https://www.smartkarma.com/entities/young-poong-corporation" target="_blank" data-smartkarma-citation="entities:11740:1" rel="noopener">Young Poong (000670 KS)</a>'s revised terms.</li>
<li>YPP's key attraction is its 1.85% stake in <a href="https://www.smartkarma.com/entities/korea-zinc-co-ltd" target="_blank" data-smartkarma-citation="entities:17944:1" rel="noopener">Korea Zinc (010130 KS)</a>, which is the ultimate prize in this tussle between the Choi and Jang families. </li>
<li>Choi's Offer runs from today (2nd October) to 21 October. There is no minimum acceptance threshold. If successful, the Choi's stake increases to 60.45% from 35.45% currently.  </li>
</ul>


The Choi family have launched a Tender Offer to acquire 3.937mn shares (25%) of Young Poong Precision (036560 KS) (YPP) at ₩30,000/share,  20% above MBK/Young Poong (000670 KS)'s revised terms.
YPP's key attraction is its 1.85% stake in Korea Zinc (010130 KS), which is the ultimate prize in this tussle between the Choi and Jang families. 
Choi's Offer runs from today (2nd October) to 21 October. There is no minimum acceptance threshold. If successful, the Choi's stake increases to 60.45% from 35.45% currently.  


Young Poong Precision (036560 KS): Choi's Opening Salvo

<ul>
<li>Choi family has launched a counter tender offer for Young Poong Precision at the tender offer price of 30,000 won (20% higher than MBK's 25,000 won tender offer price). </li>
<li>The tender offer involves a plan to acquire 3,837,500 shares (24.36% of outstanding shares) of Young Poong Precision.</li>
<li>All eyes are on the court’s decision on the injunction application for ‘prohibition of acquisition of treasury stocks by Korea Zinc’, which is expected to be announced on 2 October.</li>
</ul>


Choi family has launched a counter tender offer for Young Poong Precision at the tender offer price of 30,000 won (20% higher than MBK's 25,000 won tender offer price). 
The tender offer involves a plan to acquire 3,837,500 shares (24.36% of outstanding shares) of Young Poong Precision.
All eyes are on the court’s decision on the injunction application for ‘prohibition of acquisition of treasury stocks by Korea Zinc’, which is expected to be announced on 2 October.


Choi Family Launches a Counter Tender Offer for Young Poong Precision

South Korea

Young Poong Precision Corporation manufactures centrifugal pumps, valves, and anti-corrosion equipment.  The Company also manufactures mold products, and retails various machine parts and motors.

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Young Poong Precision (036560 KS)

Let’s Get Real About the Odds of MBK Launching a New Tender for YPP

This post digs into the real odds of MBK launching a new tender for Young Poong Precision, given the current market dynamics.

Sanghyun Park

MBK Raises Tender Offer Price of Young Poong Precision to 30,000 Won

On 11 October (prior to market open), it was reported that Jericho Partners (a SPC company on the side of Korea Zinc Chairman Choi Yoon-Beom) has...

Douglas Kim

MBK Hikes Youngpoong Precision Tender Price to ₩30,000: Tender Deadline Extended to the 14th

MBK Partners just bumped up their tender offer price for Korea Zinc to 830K won. That’s a solid jump from the original 750K they were running with,...

Sanghyun Park