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

Sanghyun Park

I investigate special situations, pairs, and index rebalancing trades in Korea.

Korea / Special Sits, Pairs, Index Rebalancing

Hanmi Science: If Talks With Mum and Sister Break Down, Then KKR May Provide a Partial Tender Offer

Imminent Block Deals Involving Hanmi Science Shares Due to Inheritance Tax Payments

Clepsydra Capital

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

Event-Driven

<ul>
<li>The victorious brothers plan to join forces with KKR to secure over 51% ownership of Hanmi Science. They aim to persuade the mother and daughter to part with their shares.</li>
<li>Should this negotiation fail, KKR is prepared to initiate a tender offer in the open market, intending to acquire an additional 10-15% of Hanmi Science's shares.</li>
<li>KKR can target a maximum of 16%. With 10-15% aimed for, this tender offer will cause significant price impact.</li>
</ul>


The victorious brothers plan to join forces with KKR to secure over 51% ownership of Hanmi Science. They aim to persuade the mother and daughter to part with their shares.
Should this negotiation fail, KKR is prepared to initiate a tender offer in the open market, intending to acquire an additional 10-15% of Hanmi Science's shares.
KKR can target a maximum of 16%. With 10-15% aimed for, this tender offer will cause significant price impact.


Backstory on the Hanmi Science Showdown & KKR's Likely Tender Offer