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

Hanwha Energy Launches Tender Offer of 180 Billion Won Worth of Hanwha Corp

StubWorld: Hanwha Corp's Steep Discount & Tender Offer

Hanwha Energy Acquires An Additional 5.2% of Hanwha Corp Through a Tender Offer

Clepsydra Capital

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

Event-Driven

<ul>
<li>Hanwha Energy, wholly owned by the Hanwha Group's owning family, announced a tender offer for an 8% stake in Hanwha Corp at ₩30,000. The tender period is until July 24.</li>
<li>Hanwha Energy will buy all shares if tendered less than planned, otherwise pro-rata. Payment in cash eliminates cancellation risk but poses allocation risk.</li>
<li>Approximately 10-15% of shares are likely to be the potential ceiling for tendering, minimizing allocation risk for the 8% target. A widening spread of 2-3% could offer arbitrage opportunities.</li>
</ul>


Hanwha Energy, wholly owned by the Hanwha Group's owning family, announced a tender offer for an 8% stake in Hanwha Corp at ₩30,000. The tender period is until July 24.
Hanwha Energy will buy all shares if tendered less than planned, otherwise pro-rata. Payment in cash eliminates cancellation risk but poses allocation risk.
Approximately 10-15% of shares are likely to be the potential ceiling for tendering, minimizing allocation risk for the 8% target. A widening spread of 2-3% could offer arbitrage opportunities.


Hanwha Corp Tender Offer Details & Arbitrage Trading Assessment

Hanwha Corporation

Hanwha Corp Tender Offer Details & Arbitrage Trading Assessment