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

MBK Raises Tender Offer Price of Korea Zinc to 830,000 Won

Korea Zinc: Breaking Down the Cancel Risk with Specific Legal Provisions for Both Camps

Impact on Korea Zinc's Balance Sheet and Debt Ratios Post Massive Debt Raise Proposed by Choi Family

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

Korea Zinc’s Buyback Tender Offer at ₩830,000: Market Vibe Still Leans Towards MBK

Court Dismisses Injunction; Korea Zinc to Announce Buyback Tender Offer Soon

Clepsydra Capital

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

Event-Driven

<ul>
<li>MBK ditched the hard floor, eliminating cancellation risk. With a 15% GGT rate, there’s a 4% spread, so if you can secure volume, the deal looks solid.</li>
<li>MBK's tender offer has less volume than Choi's buyback (18%), increasing proration risk, but Choi’s deal also faces legal headaches, leaving some cancellation risk.</li>
<li>Tax implications differ: MBK's offer incurs capital gains tax, while Choi’s buyback is subject to dividend tax. Foreign investors may prefer MBK’s 0% withholding tax, impacting participation.</li>
</ul>


MBK ditched the hard floor, eliminating cancellation risk. With a 15% GGT rate, there’s a 4% spread, so if you can secure volume, the deal looks solid.
MBK's tender offer has less volume than Choi's buyback (18%), increasing proration risk, but Choi’s deal also faces legal headaches, leaving some cancellation risk.
Tax implications differ: MBK's offer incurs capital gains tax, while Choi’s buyback is subject to dividend tax. Foreign investors may prefer MBK’s 0% withholding tax, impacting participation.


MBK Raised Korea Zinc's Tender Price to ₩830K and Dropped the Hard Floor, Keeping the Upper Hand