SK D&D shares surged in early trading on the 1st. Investor sentiment appeared to flock to the news that private equity firm Hahn & Company would acquire all of SK D&D's listed equity through a tender offer and voluntarily delist the company.
As of 9:39 a.m. that day, SK D&D shares were trading at 12,670 won on the Korea Exchange, up 13.23% (1,480 won) from the previous session. During the session, they rose to as high as 12,740 won, hitting a 52-week intraday high and nearing the tender offer price (12,750 won).
This was due to the tender offer news. SK discovery said its board that day decided to sell 5,821,751 shares of its subsidiary SK D&D to Hahn & Company in a regulatory filing.
This corresponds to the entirety (31.3%) of the equity held by SK discovery, and the disposal amount is 74.2 billion won.
Hahn & Company said it plans to acquire all remaining listed equity of SK D&D through a tender offer and pursue a voluntary delisting. The tender offer runs from the 1st through the 29th, and the tender offer price is 12,750 won per share.