(Bloomberg) -- Korea Zinc Co. pushed higher on Friday, following a 30% jump the day before, as the market waited for the results of a stock buyback launched by Chairman Choi Yun-beom to fend off a $12.5 billion takeover bid.
The shares closed up 10% at 1,253,000 won ($902) in Seoul. That’s well above the 890,000 won buyback offer that expired on Wednesday, suggesting that some investors are holding out for an even higher bid as the battle for control continues.
Choi, who has support from Bain Capital, offered to repurchase as much as 20% of the stock to fend off a proposal from Young Poong Corp., the company’s biggest shareholder, backed by another private equity firm, MBK Partners. That bid — worth 830,000 won per share — expired last week, and took the Young Poong side’s stake to more than 38%.
Before the buyback, Choi had the support of about 34% of shareholders.
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