Hanwha M&S Shareholder Launches 128.5 Billion Won Tender Offer
Kim Dong-sun is offering 8,000 won per share for up to 16.06 million Hanwha M&S shares, a 31.58% premium over the last close.
Kim Dong-sun disclosed a tender offer for up to 16.06 million common shares of Hanwha Machinery & Services Holdings at 8,000 won per share, according to a disclosure reported by inews24.com. The offer is worth about 128.48 billion won at maximum.
The offer price is 31.58% above the previous trading day's closing price of 6,080 won. The tender offer period runs from this day to the 2nd of next month, with settlement on November 4.
If the offer is completed, Kim's stake would rise from 5.81% to 24.81%. Including related parties, the holding would increase from 60.32% to 79.32%, putting Kim in position as the largest investor.
In the disclosure, Kim said the purpose of the offer is to strengthen de facto control by securing the position of largest investor and to fulfill responsibility for the company's mid-to-long-term growth.
Background
Hanwha M&S was spun off from Hanwha through a demerger and relisted in August as a holding company. Hanwha Energy is the existing largest shareholder with a 23.94% stake, and the stock closed at 6,080 won on the 8th.
Quick answers
What price is Kim Dong-sun offering for Hanwha M&S shares?
He is offering 8,000 won per share, which is 31.58% above the previous trading day's closing price of 6,080 won.
How many shares are included in the Hanwha M&S tender offer?
The tender offer covers up to 16.06 million common shares, worth about 128.48 billion won at maximum.
When does the Hanwha M&S tender offer end?
The offer period runs from this day to the 2nd of next month, with settlement on November 4.