Hanwha M&S President Launches Second Tender Offer, Investing 27 Billion Won
Kim Dong-sun, president of Hanwha Machinery & Services Holdings (Hanwha M&S), is set to acquire approximately 3.38 million additional common shares at 8,000 won, or approximately $6, apiece. The move is aimed at providing minority shareholders with an opportunity to sell their shares following a rec
Hanwha Machinery & Services Holdings' president, Kim Dong-sun, is launching a second tender offer for the company's shares, investing roughly 27 billion won. The offer aims to give minority shareholders a chance to sell their holdings, following a recent drop in the stock price. The tender offer, valid from November 9 to 30, represents around 4% of the company's outstanding shares.
Kim plans to use his personal funds to acquire approximately 3.38 million additional shares at 8,000 won each, the same price as the first tender offer conducted last month. The move comes amid recent market volatility in South Korea, following the U.S. midterm elections. The first tender offer, held earlier this month, resulted in Kim acquiring 22.97 million shares, increasing his stake to 32.99% and making him the largest shareholder.
A Hanwha M&S official mentioned that the initial offer had helped support the stock price, but market uncertainty persisted due to external factors. If the second offer is completed, Kim's stake is expected to rise to 36.99%.
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