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[Alpha Biz=(Chicago) Reporter Kim Jisun] As suspicions were raised that there was advance trading during Hankook & Company's stock tender offer, financial authorities decided to look into the related details.
On the 7th, an official from the Financial Supervisory Service said, "Regarding the fact that the trading volume before Hankook & Company's tender offer increased more than usual, suspicions have been raised that 'there may have been advance trading,' so we are going to look into the relevant part."
Previously, MBK Partners decided to proceed with an open purchase of its 20.35 ~ 27.32% stake in Hankook & Company until the 24th, along with Hankook & Company advisor Cho Hyun-sik, the eldest son of honorary chairman Cho Yang-rae, on the 5th. After the disclosure, stock prices soared to the price limit and closed at 21,850 won, exceeding the target price of 20,000 won.
It is pointed out that Hankook & Company shares have already risen 30.1% from 12,840 won on the 20th of last month to 16,820 won the day before the announcement of the tender offer. Every time a transaction was signed at an upward price, the volume of transactions increased, which may have leaked information on the open purchase price before the disclosure.
Some suspected that Hi, the existing shareholder of Hankook & Company, may have purchased the stake to lower the success rate of the public offer as a friendly stake on Chairman Cho's side.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
