This article was displayed on the ChosunBiz MoneyMove (MM) site at 9:55 a.m. on Dec. 3, 2025.
Private equity fund (PEF) manager Skylake Equity Partners has commented for the first time on its plan to dispose of A+ Asset equity. A+ Asset, a listed corporate insurance agency (GA), is locked in a management control dispute between activist fund Align Partners Asset Management and the current major shareholder group, and Skylake, which holds part of the equity, has become the casting voter.
On the 3rd, Skylake said, "As the fund holding A+ Asset nears maturity, we plan to sell our equity," adding, "Whether a tender offer or a counter-tender offer, we intend to respond to a transaction only within the open market with the party that offers a higher price."
Skylake drew a line against engaging in an individual transaction with either A+ Asset Chairman Gwak Geun-ho, the current management, or Align Partners, which is conducting a tender offer. Skylake said, "Given that the current major shareholder group and the activist fund are in the midst of securing equity, we will not proceed with individual contacts or transactions."
Align Partners has been conducting a tender offer for 4,501,192 shares (19.91%) of A+ Asset, a Korea Exchange main board-listed company, for 20 days starting on the 19th of last month. The tender offer price is 8,000 won per share, for a total of 36 billion won. The purpose of the tender offer is to enhance shareholder value.
If Align achieves its tender offer target, it will secure 24.9% of A+ Asset equity and become the second-largest shareholder. Gwak Geun-ho, A+ Asset chairman and current management, holds 25.54% of A+ Asset equity, including persons with special relationships.
Depending on the judgment of Skylake, a financial investor (FI) holding 4.79% equity, the largest shareholder could change. Although Skylake has disclosed that it jointly holds shares with Chairman Gwak, it has not provided a clear stance until now.
Through its 10th blind fund formed in 2016, Skylake invested 50 billion won in A+ Asset the following year. It has steadily sold down its equity, leaving only 8 billion won based on principal at present.
As of 9:45 a.m. that day, A+ Asset shares were at 8,230 won, above the tender offer price. Market participants are expecting either a counter-tender offer by Chairman Gwak or a price increase in Align's tender offer.