Gabia's shares have surged to the upper limit following news of a tender offer from Macquarie Asset Management and plans for voluntary delisting.
According to the Korea Exchange, as of 10:42 a.m., Gabia's stock was trading at 44,050 won, up 10,150 won (29.94%) from the previous trading day.
On the same day, the Financial Supervisory Service's electronic disclosure system revealed that DCK Investment, a special purpose company established by Macquarie Asset Management, announced a tender offer for 9,805,505 common shares of Gabia, representing 73.1% of the total issued shares.
DCK Investment stated, "The purpose of the tender offer is to acquire management rights through mergers and acquisitions (M&A) and to facilitate delisting. We aim to expedite Gabia's voluntary delisting to make it a wholly-owned subsidiary of the tender offeror."
This transaction involves both the acquisition of management rights and the tender offer. On July 17, Macquarie signed a stock purchase agreement (SPA) to acquire 3,270,248 common shares (24.4% stake) held by Kim Hong-guk, Gabia's largest shareholder and co-CEO, for a total transaction value of 157 billion won.
The tender offer price is set at 48,000 won per share, which is 41.6% higher than the closing price of 33,900 won on the last trading day before the announcement. The tender offer period runs from today until September 17, with the settlement date scheduled for September 21.
* This article has been translated by AI.
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