Domestic activist fund Align Partners has launched a tender offer aimed at shareholder activism for KOSDAQ-listed Gabia. The total size is 45 billion won.
Align Partners disclosed before the market opened on the 25th that it is commencing a tender offer for 1,353,569 common shares (10%) of Gabia. The lead manager is Korea Investment & Securities.
The tender offer period is from today through on the 14th of next month. The tender offer price is 33,000 won per share, a 20% premium to the closing price on the 24th (27,500 won). If the tender offer succeeds, Align Partners can raise its Gabia equity stake to 19.03%.
Gabia is regarded as a first-generation domestic internet infrastructure company in Korea, including domains, hosting, and cloud infrastructure.
On news of the tender offer, Gabia shares were trading at 32,100 won as of 9:18 a.m. on the day, up 16.73% from the previous session. During intraday trading, they climbed to 33,600 won, marking a 1-year high.
An Align Partners representative said, "This tender offer is being pursued to enhance Gabia's shareholder value," adding, "After securing a significant equity stake in Gabia, we aim to enhance shareholder value through dialogue with management and, if necessary, by exercising legally guaranteed shareholder rights to strengthen transparency in governance, improve capital efficiency, and boost operating performance."