Shares of Korea Zinc plummeted Tuesday after a Seoul court approved an injunction requested by MBK Partners, increasing the private equity firm's chances of gaining control of the company. The injunction prevents Korea Zinc from implementing a cumulative voting system at its upcoming shareholder meeting, potentially giving MBK Partners and its ally Young Poong Corp. more control over the board.
Korea Zinc Co. shares dropped on Tuesday after a Seoul court accepted an injunction filed by MBK Partners Ltd., which improves the chances of the private equity consortium to gain control of the company.
The injunction paves the way for hostile bidders MBKP and Young Poong Corp., which jointly control about 41% of Korea Zinc, to push through more of their directors at the meeting. The two sides have been at loggerheads since mid-September after the alliance lobbed an unsolicited offer to gain control of the company. Korea Zinc chief executive officer Yun B.
CORPORATE GOVERNANCE SHAREHOLDERS INJUNCTION TAKEOVER KOREA ZINC
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