This article was posted on the ChosunBiz MoneyMove (MM) site at 3:38 p.m. on Nov. 27, 2025.
A+ Asset, a publicly listed corporate agency (GA), has become embroiled in a management rights dispute, complicating the calculations for domestic private equity firm Skylake Equity Partners. Because it holds some equity in A+ Asset, Skylake has become a casting voter, but depending on its decision it could appear to side with one party, so the mood is cautious.
According to the investment banking industry, activist fund Align Partners Asset Management has been conducting a tender offer since the 19th for 4,501,192 shares (19.91%) of A+ Asset, listed on the Korea Composite Stock Price Index (KOSPI). The tender offer price is 8,000 won per share, totaling 36 billion won. The purpose of the tender offer is to enhance shareholder value.
If Align reaches its tender offer target, it will secure 24.9% of A+ Asset equity and become the second-largest shareholder. Current chairman Kwak Geun-ho of A+ Asset holds 25.54% of A+ Asset equity including special related parties. Depending on the decision of financial investor Skylake, which holds 4.79% equity, the largest shareholder could change.
Skylake has disclosed that it is co-holding with Chairman Kwak but has not revealed a clear position.
However, it is unlikely that Skylake will hold A+ Asset shares for a very long period. It has already been steadily selling. The management dispute could lead it to dispose of its remaining equity, and the point of deliberation is presumed to be 'how to sell.'
From Skylake's perspective, accepting Align's tender offer could lead to whispers that it is a PEF firm responding to a management dispute. Selling its equity to Chairman Kwak would be akin to joining hands with managers who allowed low share prices for succession, which critics say contradicts the current government's stance on improving corporate governance.
Selling on the market is equally burdensome. If a negative development unknown to Skylake erupts after the sale, it could unexpectedly be implicated in insider trading allegations. If it sells on the market amid heightened expectations of a management dispute, it could stir discontent among small shareholders. But if it continues to hold the equity, it risks missing the opportunity to recover its investment.
Industry sources expect Skylake will ultimately prioritize returns. Because returns are paramount for PEF firms, decisions made on that basis are relatively free from uncomfortable scrutiny. If Chairman Kwak does not launch a competing tender offer, Skylake may still respond to Align's tender offer.
Through its 10th blind fund raised in 2016, Skylake invested 50 billion won in A+ Asset the following year. Only 8 billion won of principal remains. Compared with the 627.7 billion won size of the 10th fund, this is a negligible amount, so there is no urgent need to recover the investment.
As of the 27th, A+ Asset's share price closed at 8,690 won, higher than the tender offer price. This reflects market participants' expectations of a competing tender offer from Chairman Kwak or an increase in Align's tender offer price. On the 26th, Kwak disclosed that he purchased 30,904 common shares of A+ Asset on the market over three trading days from the 21st to the 26th.