A+ Asset shares hit the upper limit (the top of the daily price band) right after the open on the 18th. The move came after news that activist fund Align Partners would launch a tender offer.
As of 10:25 a.m. that day, A+ Asset shares were trading on the KOSDAQ market at 7,670 won, up 30.00% (1,770 won) from the previous session.
Earlier, Align Partners said in a notice that day it would make a tender offer for A+ Asset shares.
Align Partners plans to tender for up to 19.91% (4,501,192 common shares) of the equity at 8,000 won per share. The tender offer price of 8,000 won is about 4% higher than that day's upper limit. The tender offer period runs from that day through the 7th of next month, and the lead manager is Korea Investment & Securities.
If the tender offer succeeds, Align Partners is expected to secure 24.90% of A+ Asset equity and become the second-largest shareholder. Align Partners already holds 4.99% of A+ Asset equity.
Regarding the tender offer, Align Partners said, "We aim to become a major shareholder based on our positive assessment of A+ Asset's long-term potential," adding, "We ask many shareholders to participate in the tender offer so that we can secure a sufficient equity stake in the target company."