Korea Zinc Chairman Jerico Partners’ investment vehicle raised its bid for Young Poong Precision to 35,000 won ($25.93) per share from 30,000 won previously, the company said in a regulatory document Friday.
The move comes as the family of Korea Zinc Chairman Yun B. Choi battles for control of the $12 billion zinc empire with co-founding Chang family, including electronics conglomerate Young Poong first made a joint bid with private equity firm MBK Partners for Young Poon Precision in September.
It was the first time the Choi family raised the price of its offer for Young Poong Precision, which holds a 1.85% minority stake in Korea Zinc, the world’s largest producer of refined zinc.
Friday’s offer from the Choi family comes on top of an offer from MBK of 30,000 won per share for Young Poon Precision. Since September, MBK and Young Poong have increased their prices twice, from 20,000 won to 30,000 won.
(1 $ = 1 349.5900 won)
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