SJ Investment Holdings, the largest shareholder of Golfzon Holdings, is pursuing a tender offer with the aim of a voluntary delisting.
According to the investment banking (IB) industry on the 28th, SJ Investment Holdings plans to conduct a tender offer from the 29th to Aug. 5 to buy 15,485,020 shares of Golfzon Holdings at 6,700 won per share during that period. That is about 57% higher than the closing price of 4,255 won on the 26th, and the tender offer size is about 100 billion won. The lead manager is NH Investment & Securities.
The largest shareholder of Golfzon Holdings is former CEO Kim Won-il, who holds a 43.37% stake. The second-largest shareholder is Chair Kim Young-chan, the former CEO's father, with a 10.65% stake. The shares of the two and 4,212,076 treasury shares (about 9.83%) were excluded from this tender offer.
SJ Investment Holdings said, "We intend to proceed with this process for the purpose of making Golfzon Holdings a wholly owned subsidiary," adding, "Whether the remaining parties in a special relationship will participate in the tender offer has not been finalized."
SJ Holdings plans to purchase all shares tendered, regardless of the tender offer subscription rate.