Private equity MBK Partners launches offer for 20% stake in Hankook & Co

(Reuters) – South Korean private equity firm MBK Partners said on Tuesday it had launched a tender offer to acquire a minimum of 20.35% stake in battery storage manufacturer Hankook & Company.

MBK Partners said that the tender offer is set at 20,000 won per share, valuing the South Korean battery storage maker at 1.894 trillion won ($1.45 billion).

The offer represents an 18.9% premium to Hankook’s closing price of 16,820 won in the last trading session.

The private equity firm is also looking to acquire a maximum target stake of 27.32% in Hankook & Co, the holding company of Hankook Tier & Technology .

Ventura Corporation, a special purpose company established for MBK’s tender offer, said that it will launch the public tender offer for Hankook’s shares listed on the Korea Stock Exchange, MBK Partners said in a statement.

($1 = 1,310.3700 won)

(Reporting by Rajasik Mukherjee and Shivangi Lahiri; Editing by Dhanya Ann Thoppil)