Deals
Korea Zinc Soars 30% as Market Waits for Buyback Results
- Chairman Choi’s offer seeking 20% of company expired Wednesday
- Current price not sustainable, says Zian Investment Management
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Korea Zinc Co. shares jumped 30% on Thursday, as investors waited for the results of a stock buyback initiated by Chairman Choi Yun-beom in an effort to defend the world’s biggest zinc smelter from a $12.5 billion takeover offer.
The shares were trading at 1,138,000 won apiece as of 11:21 a.m. in Seoul after the stock hit the daily upward limit. That level, well above the 890,000 won buyback offer that expired on Wednesday, suggests that some investors are holding out for an even higher proposal as the battle for control continues.