Korea Zinc, Bain Team Up to Buy Back Shares Above MBK’s Bid
- The buyback offer is 10.7% higher than MBK’s takeover bid
- MBK said the buyback could saddle Korea Zinc with higher debt
This article is for subscribers only.
Korea Zinc Co., which is fending off an unsolicited bid for control from a private equity firm, has roped in Bain Capital to buy back up to 18% outstanding shares of the Seoul-listed company.
In a regulatory filing on Wednesday, Korea Zinc and buyout shop Bain offered 830,000 won per share to buy back shares of the company, a 10.7% premium over the 750,000 won of sweetened offer from its largest shareholder Young Poong Corp. and private equity firm MBK Partners Ltd.