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Korea Zinc Co. shares surged by 30% following reports of an upcoming board meeting to decide on a shareholder vote for new directors. The extraordinary meeting, set for January 23, aims to replace current management led by Chairman Yun B. Choi, backed by major shareholders Young Poong Corp and MBK Partners Ltd.
Korea Zinc Co. is set to decide on a contentious $1.8 billion share sale plan amid rising pressure, following a stock selloff and an investigation by the financial watchdog. The dispute has intensified between major shareholders, particularly after MBK Partners Ltd. and Young Poong Corp. launched an unsolicited bid.
Korea Zinc Co. faces a critical moment as the chairman's proposal for a share buyback at a premium approaches its deadline amid a $12.5 billion takeover bid. Tensions have escalated between major investors, particularly with top shareholder Young Poong Corp. and private equity firm MBK Partners Ltd. pushing for control.
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