On the 2nd, the first trading day of the year, ECHOMARKETING shares are hitting the upper price limit. The move comes after global private equity fund (PEF) manager Bain Capital launched a tender offer aimed at delisting.
As of 10:24 a.m. that day, ECHOMARKETING was at the upper price limit on the KOSDAQ market, up 3,210 won (30%) from the previous trading day to 13,910 won.
It is seen as being driven by Bain Capital, a global private equity fund (PEF) manager, launching a tender offer for ECHOMARKETING shares with the aim of delisting.
According to the Financial Supervisory Service that day, Bain Capital, through special purpose company (SPC) BCP EEA Bidco One, will conduct a 20-day tender offer from that day through the 21st for 56.4% of ECHOMARKETING's equity.
The tender offer price is 16,000 won per share, about 50% higher than the closing price (10,700 won) on the trading day immediately before the disclosure.
Along with the tender offer, Bain Capital plans to acquire the existing largest shareholder-founder's 43.6% equity for about 216.5 billion won and then voluntarily delist ECHOMARKETING.
ECHOMARKETING is an online advertising agency and has the activewear fashion brand "Andar" as a subsidiary.