Golfzon Holdings hit the upper limit (the top of the daily price band) on the 29th on news that the largest shareholder would push a tender offer with the goal of a voluntary delisting.
As of 9:30 a.m. that day, Golfzon Holdings was trading at 5,530 won, up 1,275 won (29.96%) from the previous trading day.
The previous day, it was reported that SJ Investment Holdings, the largest shareholder of Golfzon Holdings, would conduct a tender offer from the 29th to Aug. 5 to buy 15,485,020 shares at 6,700 won per share. This is a price 57% higher than the closing price of 4,255 won on the 26th. The tender offer size is about 100 billion won.
This tender offer excludes the holdings of former CEO Kim Won-il, the largest shareholder (43.37%); the holdings of Chairman Kim Young-chan, the father of the former CEO and the second-largest shareholder (10.65%); and treasury shares (9.83%).
SJ Investment Holdings said, "We intend to proceed with this process for the purpose of making Golfzon Holdings a wholly owned subsidiary," and noted, "Whether the remaining parties in special relationship will participate in the tender offer has not been finalized."
SJ Holdings plans to purchase all shares tendered in the subscription regardless of the tender participation rate.