Douzone Bizon shares are surging early on the 23rd. Buying appears to be pouring in as a private equity firm decided to buy all remaining free-float shares of Douzone Bizon.
As of 9:09 a.m. that day, Douzone Bizon shares were trading on the Korea Exchange at 110,850 won, up 23.44% (22,500 won) from the previous session.
EQT Partners, a Sweden-based private equity fund (PEF) manager under the Wallenberg group, said the previous day that after acquiring the largest shareholder's equity in Douzone Bizon, it will acquire all remaining free-float shares through a tender offer.
EQT Partners will spend about 2.2 trillion won to buy all remaining free-float shares. After the tender offer ends, it plans to pursue a voluntary delisting. The target shares are about 57.7%, and the price is 120,000 won per share. The period runs from that day through the 24th of next month.