This article was posted on the ChosunBiz MoneyMove (MM) site at 9:14 a.m. on Nov. 25, 2025.
Activist fund Align Partners has launched a tender offer for corporate agency A+ Asset, and A+ Asset's largest shareholder appears to be preparing a counter tender offer in response. The management dispute between the two sides seems to be entering a full-blown phase.
On the 25th, investment banking industry sources said that Kwak Geun-ho, chairman of A+ Asset, and his side have been quietly contacting domestic securities firms and others to devise a response strategy to Align's attack. It is reported that the option of raising funds from them to carry out a counter tender offer was included in the discussions.
Chairman Kwak, including related parties, holds 25.4% of A+ Asset's equity. If Align achieves its tender offer target, it would secure a total of 24.9% equity and become the second-largest shareholder. Depending on the judgment of private equity firm Skylake, which holds 4.79% equity, the largest shareholder could change.
Skylake has disclosed that it jointly holds equity with Chairman Kwak, but it is unclear which side it will support. From Chairman Kwak's perspective, he must also consider the possibility that Skylake may accept Align's tender offer. Both sides are reportedly working to court Skylake.
Align is launching an activist campaign against A+ Asset because A+ Asset's stock is undervalued. While Incar Financial Service, a KOSDAQ-listed company and the largest independent GA, has a price-to-book ratio of 4.4, A+ Asset's is only 1.2.
Analysts say A+ Asset has not pursued stock price support largely because of succession issues. Chairman Kwak, born in 1956, has not yet completed succession. His eldest son, executive director Kwak Tae-ik, and his second son, Kwak Tae-min, each hold only 1.28% and 1.29% of A+ Asset's equity, respectively.
There is also talk that Align may raise its tender offer price in response to a counter tender offer. A source in the investment banking industry said, "Typically a tender offer fails if the market price rises, or the tender offer price is set with leeway considering the rival side's counter tender offer," adding, "If Align responds to (Chairman Kwak's side's) counter tender offer, its rationale would be weakened, so it may retaliate."
Align Partners launched a tender offer on the 19th for 4,501,192 shares (19.91%) of A+ Asset, a Korea Exchange-listed company, for a 20-day period starting Nov. 19. The tender offer price is 8,000 won, about 35.59% higher than the closing price the day before the tender offer announcement (5,900 won). The total is about 36 billion won, and the underwriter is Korea Investment & Securities. A+ Asset's market capitalization rose from about 135 billion won to about 180 billion won.