In today’s briefing:
- SK Innovation: Announces Share Cancellation of Nearly 4.92 Million Shares
- Ssangyong C&E (003410 KS): Hahn & Co’s Tender Offer
SK Innovation: Announces Share Cancellation of Nearly 4.92 Million Shares
- On 5 February, SK Innovation (096770 KS) announced a large-scale shares cancellation of 4.92 million shares, representing 4.9% of outstanding shares.
- This is the first ever large scale shares cancellation for SK Innovation since it was first established in 2011.
- All in all, despite the company’s disappointing results in 2023, the large scale share cancellation should help to support SK Innovation’s share price in the coming weeks.
Ssangyong C&E (003410 KS): Hahn & Co’s Tender Offer
- Today, 5 February, PE-outfit Hahn & Co commenced its Tender Offer for the 20.1% of shares not held in cement manufacturer Ssangyong C&E (003410 KS).
- The Tender Offer price is ₩7,000/share, a 9.2% premium to last close; although shares did gain ~12.2% just prior to the Offer.
- There is no minimum acceptance condition. Hahn & Co will purchase all shares tendered. Payment is the 8 March. This will trade tight.
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