Hanwha M&S surges early in trading on Kim Dong-sun’s 128.5 billion won tender offer [Stock NOW]

[Financial News] Hanwha Machinery & Service Holdings (Hanwha M&S) is surging early in trading following news of a tender offer by President Kim Dong-sun, head of future strategy.
According to the Korea Exchange, as of 9:15 a.m. on the 12th, Hanwha Machinery & Service Holdings was trading at 7,520 won, up 23.68% from the previous trading day, on the KOSPI market.
President Kim disclosed that he would make a tender offer for up to 16.06 million shares of Hanwha Machinery & Service Holdings at 8,000 won per share from today through the 2nd of next month. The total value of the offer is up to 128.48 billion won. The offer price is 31.58% above the closing price of 6,080 won on the 8th, the previous trading day.
If the tender offer is completed as scheduled, President Kim’s stake will rise from 5.81% to 24.81%. He would then surpass existing largest shareholder Hanwha Energy (23.94%) to become the company’s single largest shareholder. The stake held by him and specially related parties would also increase from 60.32% to 79.32%.
Hanwha Machinery & Service Holdings is a holding company established after being spun off from Hanwha last August. It includes the Tech Solutions division, which includes Hanwha Vision and Hanwha Semitek, and the Life Solutions division, which includes Hanwha Galleria, Hanwha Hotels & Resorts and Ourhome.
[email protected] Joo Won-gyu Reporter