The investment vehicle of Korea Zinc’s chairman, Jerico Partners, raised its tender offer for Young Poong Precision to 35,000 won ($25.93) per share from 30,000 won, the company said in a regulatory filing on Friday.
The move comes as Korea Zinc chairman Yun B. Choi’s family battles for control of the $12 billion zinc empire with the co-founding Chang family, whose electronics conglomerate Young Poong first made a joint offer with private equity firm MBK Partners for Young Poon Precision in September.
This was the first time the Choi family raised its offer price for Young Poong Precision, which holds a minority stake of 1.85% in Korea Zinc, the world’s largest refined zinc producer.
The Choi family’s offer on Friday tops an offer from MBK of 30,000 won per share for Young Poon Precision. Since September, MBK and Young Poong raised their price twice to 30,000 won from 20,0000 won.
($1 = 1,349.5900 won)
(By Heekyong Yang; Editing by Jacqueline Wong and Sonali Paul)
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