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(Seoul = Yonhap News) Reporter Hong Yoo-dam = Private equity investment manager MBK Partners and UCK (Unison Capital Korea) have acquired Osstem Implant.[048260]Although the acquisition of control rights is underway, the trading volume during the first week of the tender offer exceeded the minimum for success.
Previously, on the 25th, MBK Partners and UCK established a special purpose corporation (SPC), ‘Dentistry Investment Co, Ltd.’
The purchase target is approximately 15.4 to 71.8% of the total number of issued shares (15,576,505 shares) of Osstem Implant, and the purchase price is 190,000 won.
According to the financial investment industry on the 30th, Osstem Implant trading volume in the KOSDAQ market for three days from the 25th, the first day of the tender offer, was 2,535,434 shares.
This is more than 140,000 shares above the 2,394,782 shares, which is the standard for a successful tender offer.
During this period, individual investors sold 1,607,053 shares. Financial investors and private equity funds bought 1,152,106 shares and received individual sales.
It appears that individuals have started to sell on the market, as they have to pay 22% capital gains tax on the proceeds when participating in a tender offer, which is equivalent to an over the counter transaction.
Usually, the stocks put on the market by individuals are bought by institutional investors who seek a profit of around 1% through arbitrage trading. Considering that the bidders for the tender offer are mainly organisations, the greater the number of transactions between them and individuals, the more likely the successful tender offer is.
An industry insider said, “In general, the initial trading volume of a tender offer is a measure of success as the trading volume on the first day of the tender offer’s announcement peaks and then gradually declines.” he said.
However, it is too early to predict whether the tender offer will be successful.
This is because Osstem Implant’s stock price soared and came close to the tender offer price as activist fund Kang Seong-bu Fund (KCGI) recently bought shares for the purpose of ‘influencing management rights’. If the price of the shares exceeds 190,000 won, there is no incentive to respond to the tender offer.
MBK Partners intends not to pursue a tender offer again even if this offer fails.
An official of MBK Partners said, “There is some expectation that the tender offer price will rise if this tender offer fails and the second round proceeds in the stock market.”
Kim Gwang-il, CEO of MBK Partners, said, “Dentistry has also offered a premium price for management rights to general shareholders, which is provided only to the largest shareholder of a listed company, considering the recent increase in stock prices.” Focus will be on,” he said.
ydhong@yna.co.kr
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2023/01/30 06:36 Send
