[Edaily Reporter Hyera Lee ] GABIA, Inc.’s stock price hit the daily upper limit early in the trading session following news that private equity (PE) firm Macquarie Asset Management is pursuing a tender offer for the company.
According to MP Doctor on the 20th, GABIA, Inc.(079940)was trading at 44,050 won as of 9:10 a.m. that day, up 29.94% from the previous trading day.
2According to the Financial Supervisory Service’s electronic disclosure system today, DCK Investment, a special purpose company (SPC) established by Macquarie Asset Management, is conducting a tender offer for all outstanding common shares of GABIA, Inc. with the aim of delisting the company. The tender offer period runs from today through September 17.
This transaction involves the simultaneous sale of management control and the tender offer. On the 17th, Macquarie signed a share purchase agreement (SPA) to acquire all 3,270,248 common shares (a 24.4% stake) held by GABIA, Inc.’s largest shareholder and co-CEO Kim Hong-guk, as well as other related parties. The total transaction value is 157 billion won.
Macquarie has set the tender offer price for shares of GABIA, Inc. at 48,000 won per share. This is 41.6% higher than the closing price of 33,900 won on the business day prior to the tender offer announcement. The shares subject to the tender offer consist of 9,805,505 shares (approximately 73.1% of the total issued shares)—representing all remaining shares excluding the majority shareholder’s stake and GABIA, Inc.’s treasury stock—out of GABIA, Inc.’s 13,420,684 issued common shares.