Korea Zinc shares surge ahead of $1.7 billion offer deadline as battle for control heats up

SEOUL : Korea Zinc shares hit a record high early on Friday, their last trading day before a deadline to accept or reject a $1.7 billion tender offer by private equity firm MBK Partners and Young Poong.
Korea Zinc shares rose 6.3 per cent and were trading at 758,000 won as of 0027 GMT, above the tender offer price of 750,000 won per share. The wider market was 0.1 per cent higher.
Korea Zinc had announced a higher, countering tender offer on Wednesday of 830,000 won per share, and said in a regulatory filing on Friday it will buy shares even if the amount fall short of a targeted stake.