The months-long dispute among the owner family of Hankook & Company ended in a victory for current Chairman Cho Hyun-bum, the second son of Honorary Chairman Cho Yang-rae, according to market watchers, Tuesday.
The family struggle over control of Hankook & Company, which had initally appeared to be settling down with the father siding with the current chairman, is reaching another stage as private equity company MBK Partners raised the price of its public tender offer, according to industry officials, Sunday.
Seoul-based private equity firm MBK Partners is gearing up for a second round in a battle for control of Hankook & Co., the holding company behind the world’s sixth-largest tiremaker, Hankook Tire & Technology. On Friday, MBK Partners announced through Ventura, a special purpose company set up by the private equity firm, that it has raised its offer for the public tender for Hankook & Co., from 20,0.
Hankook Tire is mired in yet another sibling feud, after the eldest son of the firm’s honorary chairman made moves to retake management control by partnering with a local private e.
A sibling feud over the management of Hankook & Co., the holding company behind the world’s sixth-largest tiremaker, Hankook Tire & Technology, has been reignited, as the older of the two brothers has joined hands with a major private equity house to shore up his stake. Asia's largest private equity firm MBK Partners announced through a regulatory filing Tuesday that it has launched a public tender.