[Alpha Biz= Reporter Paul Lee] It has been reported that MBK Partners, a private equity fund (PEF) management company, will launch a tender offer for the remaining shares in order to delist e-commerce platform ConnectWave.
According to the financial investment industry on the 28th, Korea E-Commerce Holdings, a special purpose company (SPC) of MBK Partners, acquired 1,664 shares, equivalent to 29.61% of the total number of potential issued shares (56,230,477 shares) of Connect Wave from the 29th of this month to the 24th of next month. A public offer will be held to purchase 7,864 shares.
MBK Partners plans to acquire all remaining shares, excluding the 18,199,803 shares owned by Korea E-Commerce Holdings, 5,226,469 shares owned by founder Ki-rok Kim, and 6,974,871 shares of Connect Wave's treasury stock, through a public offer.
It is reported that MBK Partners will purchase all stocks that responded to the tender offer, regardless of the tender offer application rate. In addition, the policy is to voluntarily delist the target company as quickly as possible and make the target company an unlisted company.
The tender offer price is 18,000 won per share. ConnectWave's stock price was 15,570 won, soaring 18.85% on the last trading day.
AlphaBIZ Paul Lee(hoondork1977@alphabiz.co.kr)
