The attempt by homegrown private equity firm MBK Partners to acquire a stake in Hankook & Co. the holding company behind South Korean tire giant Hankook Tire & Technology has failed, but it has served as a wake-up call for Korean conglomerates with poor corporate governance. MBK’s move in the last few weeks for a hostile takeover of Korea's No. 1 tire company and its demand for the improvemen.
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.
Prosecutors raided the home of Hankook Tire Technology s chief and other company places on Thursday as part of their ongoing investigation into embezzlement allegations.