Hanwha’s third son Kim Dong-seon to launch 128.5 billion won tender offer for Hanwha M&S [Disclosure]

[Financial News] Kim Dong-seon, president overseeing future strategy at Hanwha M&S, is launching a tender offer for the company’s shares worth approximately 128.5 billion won. 
Kim disclosed on the 12th that he would make a tender offer for up to 16.06 million common shares of Hanwha M&S at 8,000 won per share. That price represents a 31.58% premium over the closing price of 6,080 won on the previous trading day, the 8th, and the total purchase cost would be up to 128.48 billion won.
If all the planned shares are purchased, Kim’s stake will rise from 5.81% to 24.81%. The combined stake of specially related parties will increase from 60.32% to 79.32%. The tender offer period runs from today through the 2nd of next month, and the settlement date is the 4th of next month. NH Investment & Securities is the tender offer agent.
In the filing, Kim explained, “I decided to pursue the tender offer to strengthen de facto control by securing the position of the largest investor and to fulfill my responsibility for the target company’s medium- to long-term growth and performance.”
Hanwha M&S is a holding company established after being spun off from Hanwha last August. It comprises the Tech Solution division, which includes Hanwha Vision, Hanwha Semitech and others, and the Life Solution division, which includes Hanwha Galleria Corporation, Hanwha Hotels & Resorts, Ourhome and others.
[email protected] Joo Won-gyu Reporter