[Edaily Reporter Kwon Oh Seok ] Shares of both companies are surging on news that Align Partners Asset Management (hereinafter “Align Partners”) has reached an agreement with Macquarie on the terms of a tender offer for GABIA, Inc.(079940) andKINX, Inc.(093320)(hereinafter “KINX”).

According to MP Doctor on the 28th, as of 10:21 a.m. that day, GABIA, Inc. was trading at 50,500 won, up 10,400 won (25.94%) from the previous trading day. KINX was trading at the daily price limit of 156,600 won, up 36,100 won (29.96%).
Earlier this morning, Align Partners issued a press release announcing the terms of the tender offer agreed upon with Macquarie the previous day. Through negotiations with Macquarie, Align Partners agreed to raise the tender offer price for GABIA, Inc. to 53,000 won per share and to conduct a full tender offer for KINX at 190,000 won per share.
Align Partners has made the commencement of the tender offer for all remaining shares of both companies a precondition for closing the transaction and has entered into a share purchase agreement with Macquarie to sell the shares held by its managed funds at the same price as the tender offer. Once preconditions, such as government approval, are met, Macquarie plans to conduct a tender offer for all remaining shares held by the common shareholders of both companies and subsequently pursue the voluntary delisting of both companies.
Align Partners stated, “This agreement reflects both demands presented by Align Partners immediately after the first tender offer fell through last September: △ securing better terms for the common shareholders of GABIA, Inc. than previously offered △ devising a solution to protect the common shareholders of listed subsidiaries such as KINX,” and added, “We believe this has paved the way to resolve the issue of dual listing—a key factor in GABIA, Inc.’s undervaluation—while taking into account the interests of shareholders of both companies.”