Kim Dong-seon to launch additional tender offer for Hanwha M&S, investing 27 billion won [Filing]

[Financial News] Kim Dong-seon, president overseeing future strategy at Hanwha Machinery & Service Holdings (Hanwha M&S), is launching a tender offer worth 27 billion won.
According to a filing on the Financial Supervisory Service’s Data Analysis, Retrieval and Transfer System (DART) on the 9th, President Kim will make a tender offer for 3.38 million ordinary shares (4.00%) of Hanwha Machinery & Service Holdings from that day through the 30th. The offer price is 8,000 won per share, with a maximum investment of 27.04 billion won.
This tender offer follows the failure to meet the target volume in the first tender offer conducted last month. President Kim had planned to make a tender offer for about 26.2 million ordinary shares from October 12 to November 2, but ultimately acquired only about 22.98 million shares.
Kim’s side plans to strengthen responsible management and enhance shareholder value through this tender offer. It also explained that the offer is intended to protect minority shareholders and provide an additional opportunity to sell, given the recent sharp drop in the stock market.
If the tender offer is completed as planned, President Kim’s stake in the ordinary shares of Hanwha Machinery & Service Holdings will rise from the current 32.99% to 36.99%.

[email protected] Seo Min-ji Reporter