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

Clepsydra Capital

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

Event-Driven

<ul>
<li>The tendering price is ₩8,750, roughly 7% higher than the last close. However, Affinity's commitment makes this event noteworthy.</li>
<li>Lock&amp;Lock requires Affinity to target 30%. To reach 95%, securing 25% is needed, much higher than SsangYong C&amp;E, indicating potential price volatility.</li>
<li>A second public offering is likely due to the widening gap between the ownership threshold and actual acquisition percentage in Lock&amp;Lock. This could impact prices significantly during the tendering period.</li>
</ul>


The tendering price is ₩8,750, roughly 7% higher than the last close. However, Affinity's commitment makes this event noteworthy.
Lock&amp;Lock requires Affinity to target 30%. To reach 95%, securing 25% is needed, much higher than SsangYong C&amp;E, indicating potential price volatility.
A second public offering is likely due to the widening gap between the ownership threshold and actual acquisition percentage in Lock&amp;Lock. This could impact prices significantly during the tendering period.


Lock&Lock Tender Offer: Different Trading Angles Compared to Recent Ssangyong C&E Case