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.
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.
Shares of Hankook & Company lost over 25 percent in value Friday, essentially ending a feud over management control between Chairman Cho Hyun-bum and advisor Cho Hyun-shick.
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.