Court rejects Young Poong's injunction against Korea Zinc buyback

By Kim Joo-heon Posted : October 21, 2024, 11:45 Updated : October 28, 2024, 14:15
This combination of photos shows Korea Zinc Chairman Choi Yun-beom (left) and Young Poong advisor Chang Hyung-jin. Yonhap
SEOUL, October 21 (AJP) - The Seoul Central District Court on Monday once again dismissed an injunction filed by Young Poong Corp. to block Korea Zinc from acquiring its own shares in the ongoing battle for control of the world's largest zinc smelter.

Young Poong, Korea Zinc's largest shareholder, along with private equity firm MBK Partners, recently increased their stake in the company from 33.13 percent to 38.47 percent through a public tender offer that concluded on Oct. 14.

Korea Zinc Chairman Choi Yun-beom and U.S. buyout firm Bain Capital are pursuing an additional 20 percent stake through a share buyback offer running from Oct. 4 to Oct. 23. Choi and his allies currently control 33.99 percent of the company's shares.

Monday’s court decision follows a similar ruling on Oct. 2, when the court rejected Young Poong's previous attempt to halt the share buyback.
 
Kim Joo-heon

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