Activist fund Align Partners Asset Management (hereafter Align Partners) failed to secure as much A+ Asset equity as targeted. Align Partners has been conducting a tender offer since last month to become the second-largest shareholder of A+ Asset.
According to Korea Investment & Securities on the 16th, shares tendered to Align Partners' offer totaled 1,616,694. That is less than half of the planned tender amount of 4,501,192 shares (19.91%). Korea Investment & Securities served as the lead manager for the tender offer.
Align Partners conducted a tender offer from the 17th of last month to the 15th of this month with a goal of securing 19.91% equity in A+ Asset. In a statement, the company said, "Considering the target company's relatively low trading volume, we conducted a tender offer for up to 10% equity to effectively secure equity."
Initially, Align Partners set the tender offer price at 8,000 won. However, after Chairman Gwak Keun-ho of A+ Asset bought shares on the market and the stock price rose above the offer price, the firm raised the offer to 9,000 won and extended the tender offer period to the 7th through the 15th of this month. Even so, as the share price again exceeded the offer price, it failed to secure the target amount. As of the close that day, A+ Asset ended at 9,350 won.