Saramin shares are surging in early trading on the 23rd. The rally appears to be driven by news of a tender offer from former DaouKiwoom Group Chairman Kim Ik-rae.
As of 9:55 a.m. on the KOSDAQ market, Saramin is trading at 17,330 won, up 2,980 won (20.77%) from the previous session.
According to the Financial Supervisory Service's electronic disclosure system, the former chairman filed a tender offer registration and disclosed that from today through Apr. 13 he will make a tender offer to buy 900,000 Saramin shares at 18,000 won per share.
This amounts to 8.39% of Saramin's total shares, and the offer price is 25.44% higher than the previous session's closing price of 14,350 won. After the tender offer, the former chairman's equity stake, combined with his existing holdings, will rise to a total of 11.77%.
In the tender offer filing, the former chairman said, "Through the tender offer, we aim to strengthen responsible management together with Saramin's largest shareholder and related parties, while establishing a swift and efficient decision-making system to enhance the target company's business competitiveness and ultimately improve shareholder value."