MBK Partners (SPC Ventura) with Cho Hyun-shik to acquire 27.32% of Hankook & Company for KRW 520bn (terminated)
- Deal value
- $359m
- Stake
- 27.32%
- Implied 100%
- $1.3bn
- Revenue
- $756m
- Op. income
- $169m
- Multiples
- EQV/EBIT 7.8xPSR 1.7x
Deal value ÷ stake (structure unconfirmed)
2022 연결 · DART-verified
2022 연결 · DART-verified
On implied equity value
DART 20230324001090
- Target
- Hankook & Company · Tire group holding company
- Buyer
- MBK Partners (SPC Ventura) with Cho Hyun-shik · FI
- Seller
- Public shareholders via tender offer
- Structure
- —
- Announced
- Dec 5, 2023
- Closed
- —
- Stage
- Terminated
Target
Hankook & Company is the holding company of the Hankook Tire group; its main subsidiary is Hankook Tire & Technology, Korea's largest tire maker.
Deal rationale
MBK Partners cited the need for governance reform, arguing that the board had failed to respond to minority shareholders' demands after the chairman's embezzlement and breach-of-trust case (Dailian). MBK stated that the existing governance structure had proven unable to deliver shareholder and corporate value (Asiae). According to InvestChosun, MBK planned to fund roughly KRW 520bn from its Special Situations fund without acquisition financing and signed a shareholder agreement with Cho Hyun-sik and Cho Hee-won. After the offer closed, MBK said meaningful tenders came in but fell short of the target (Seoul Economic Daily).
| Revenue | $756m |
| Operating income | $169m |
| EBITDA | — |
| Net income | — |
2022 연결 · DART-verified · 20230324001090
Press coverage
- 인베스트조선 (2023-12-05): “투자금액은 약 5200억원”
- 서울경제 (2023-12-22): “MBK, 한국앤컴퍼니 공개매수 실패”
- 이투데이 (2023-12-22): “한국앤컴퍼니 공개매수 응모율 8.8% 그쳐”
- 아시아경제 (2023-12-18): “기존 지배구조 체제에서는 주주가치, 기업가치가 제대로 발현될 수 없음이 입증된 것으로 보고 있다”
- 데일리안 (2023-12-06): “지배구조 개선의 필요성을 들었다”
- 아주경제 (2023-12-18): “국내 최대 타이어 제조사인 한국타이어를 주력 계열사로 둔 지주회사 한국앤컴퍼니”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.