MBK said that when the report on the results of the tender offer of Korea Zinc shares was disclosed, an additional 5.34% stake was added to the previous 33.13% stake, allowing it to secure voting rights close to a majority at the general shareholders' meeting.
The capital market then claimed that Choi Yoon-beom, chairman of Korea Zinc, is evaluating the tender offer of treasury stocks as a self-fulfilling water lacking purpose, justification and practical benefits.
However, the tender offer for Youngpoong Precision, which was considered a match-winner with a 1.85% stake in Korea Zinc, secured only an additional 0.01% stake.
In response, Korea Zinc filed a petition with financial authorities to investigate market manipulation, saying its stock price plunged in a short period of time on the last day of MBK's tender offer.
Korea Zinc explained that it is a suspicion that MBK created a market environment for investors to participate in the MBK tender offer by artificially dropping the stock price of Korea Zinc.
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