Korea Zinc Co. shares experienced a significant surge in early trading on Friday, rising by 19% to 1,355,000 won ($982). This increase follows a remarkable 30% rise in the previous session.
Investors are eagerly awaiting the outcome of a stock buyback initiated by Chairman Choi Yun-beom, which aims to counter a $12.5 billion takeover bid. The current share price is much higher than the expired buyback offer of 890,000 won on Wednesday, indicating that investors are anticipating a potentially higher bid in the ongoing battle for control of the company. The market's reaction reflects the heightened speculation and interest surrounding Korea Zinc's strategic moves in response to the takeover attempt.