This article was published on the ChosunBiz MoneyMove (MM) site at 9:45 a.m. on Nov. 7, 2025.
Global private equity firm EQT Partners' plan to acquire DOUZONE BIZON CO., a domestic enterprise resource planning (ERP) and software solutions provider, for 1.3 trillion won has left it unclear whether it will pursue a tender offer for the remaining equity. EQT had originally planned to launch a tender offer simultaneously with the share purchase agreement (SPA) this week, but it is reported to have stepped back and will carry it out depending on future circumstances.
On the 7th, according to the investment banking industry, EQT signed a contract to acquire shares from DOUZONE BIZON CO.'s largest shareholder, Chairman Kim Yong-woo (23.2%), and affiliates of Shinhan Financial Group (14.4%) for a total of 1.3 trillion won. After the acquisition, it will secure 37.6% of voting equity (excluding treasury shares).
Douzone Bizon was founded in 1991 as a developer and provider of business software solutions for corporations. In addition to its core ERP, it supports a variety of cloud and software services including tax, accounting, compliance and communication.
According to the industry, EQT had originally planned to launch a tender offer at the same time as acquiring the controlling equity. The tender offer price was reportedly tentatively set at 120,000 won, the same as the controlling stake acquisition price.
However, contrary to expectations, there was no announcement of a tender offer that day. The stock price reacted immediately. As of 9:31 a.m. that day, Douzone Bizon was trading at 88,100 won, down 5.7% from the previous day. That price is far below the 120,000 won that had been reported as the tender offer price.
An IB industry source said EQT changed its original plan to execute the transfer of control and the tender offer simultaneously and shifted toward pursuing the tender offer according to future circumstances.
However, if EQT later acquires minority shareholders' equity at a price far below 120,000 won, it could spark controversy. Last year, Affinity Equity Partners acquired shares of LOTTE Rental from Hotel Lotte at 77,000 won per share, and on the same day set the new share issue price at 29,180 won, drawing criticism that it was trying to lower the average price by issuing new shares cheaply.
Moreover, with recent amendments to the Commercial Act strengthening the protection of minority shareholders' rights, industry sources say EQT could be exposed to regulatory oversight risks depending on what choice it makes in the future.