[Alpha Biz=(Chicago) Reporter Kim Jisun] Domestic private equity funds Unison Capital Korea and MBK Partners will openly purchase Osstem Implant shares to acquire management rights. They have already secured a 9.3% stake in Chairman Choi Kyu-ok, the largest shareholder, and proposed a public purchase price of 190,000 won, the same as when Choi bought his stake.
Unison Capital Korea announced on the 25th that it will establish a special purpose company (SPC), Dentistry Investment Co., Ltd., with MBK Partners and make a public purchase to acquire Osstem Implants.
The public offer price of 190,000 won per share is a 40% and 51% premium to 135,631 won (average closing price for one and three months before the public purchase date) and 125,948 won, respectively. It is 17% higher than the closing price on the 20th and is more than 16% compared to the 52-week high of 162,800 won. It is the highest target stock price offered by major securities firms.
The number of shares scheduled for open purchase of Osstem Implant is from at least 2,394,782 shares to a maximum of 11,177,003 shares, ranging from 15.4 to 71.8 percent of the total number of shares issued. The tender offer period is from today to February 24.
Unison Consortium signed a stock trading contract and investment agreement with Osstem Implant founder Choi Kyu-ok on the 21st. About 1.44 million out of 2.94 million shares held by Chairman Choi will be purchased at the same price as the public purchase price. If the public purchase is successful, the Unison Consortium will become the largest shareholder of Osstem Implant and Chairman Choi Kyu-ok will become the second-largest shareholder with 9.6%.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
