Hankook takeover bid fails

Christmas is a time of togetherness with kinsfolk, but not if you’re a member of Hankook’s Cho family. On December 25, efforts by private equity firm MBK Partners – in collaboration with three Cho siblings – to acquire a controlling stake in Hankook & Company failed after MBK’s tender offer secured insufficient subscriptions.

Reporting the acquisition attempt’s demise, Korea JoongAng Daily shares that MBK Partners launched a public tender offer on 5 December to acquire between 20.35 and 27.32 per cent of Hankook Tire & Technology’s parent. Hankook & Company has been the subject of a feud between current chairman Cho Hyum-bum and his older brother Cho Hyun-sik, who, together with two sisters, is attempting to regain management control and to this end had aligned itself with MBK Partners. The siblings’ father, Cho Yang-rai, who is honorary chairman of Hankook & Company, supports Cho Hyum-bum’s chairmanship.