[Edaily Reporter Kim Kyung-eun ] GABIA, Inc.(079940)is trading higher in early trading on the 21st. This is believed to be driven by investor sentiment, as major shareholders have demanded a higher tender offer price while Macquarie Asset Management is pursuing a tender offer for GABIA, Inc.

According to MP Doctor, as of 9:30 a.m. today, GABIA, Inc. is trading at 47,450 won, up 3,400 won (7.72%) from the previous trading day.

This is interpreted as reflecting expectations that the tender offer price may be raised, as shareholder-activist funds are demanding an increase in addition to Macquarie Asset Management’s push for the tender offer.

DCK Investment, a special purpose company (SPC) under Macquarie’s private equity (PE) division, announced yesterday that it would conduct a tender offer for up to 73.1% of GABIA, Inc.’s outstanding shares at 48,000 won per share. The tender offer price is 41.6% higher than the closing price on the trading day immediately prior to the filing of the tender offer notice and 56% higher than the average share price over the past month.

Miri Capital, Gabia, Inc.’s second-largest shareholder with a 24.2% stake, issued an open Seohan the previous day demanding an increase in the tender offer price, arguing that it significantly undervalued GABIA, Inc.

Align Partners Asset Management, which holds a 14.3% stake, also issued an official statement on the same day, urging GABIA, Inc.’s board to consider a higher price than the premium offered by Macquarie and to explore alternative options.

Align Partners pointed out, “Under the revised Commercial Act, the board of directors must not merely review the appropriateness of the proposed price but must actively explore alternatives that could offer a higher price or more favorable terms in the best interests of all shareholders,” adding, “The tender offer price cannot be considered the maximum value shareholders can obtain simply because it carries a certain premium over the market price.”

Macquarie plans to conduct a tender offer for all remaining shares—excluding those held by the largest shareholder and related parties—to make GABIA, Inc. a wholly-owned subsidiary and subsequently delist it.