Commodities
MBK Says It Won’t Raise $13 Billion Korea Zinc Takeover Bid
- A further hike in offer price would destroy value, suitor says
- Watchdog plans to probe the “overheated” battle for control
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MBK Partners won’t raise its bid to gain control of Korea Zinc Co., the private equity group said on Wednesday, days before a tender offer for shares in the world’s biggest zinc smelter comes to a close.
In a statement, it said any further increase to the offer currently on the table would destroy value for Korea Zinc investors. It will also refrain from sweetening its bid for Young Poong Precision Corp., a key Korea Zinc shareholder with a nearly 2% stake.