Sammok S-Form shareholders launch tender offer

Sammok S-Form CI

Major shareholders of Sammok S-Form are launching a tender offer for the company’s common shares.

According to investment banking sources on Sunday, S-Form and SVC plan to acquire 1.4 million common shares of Sammok S-Form, representing a 9.52 percent stake, through a tender offer. The proposed price is 22,800 won ($16.45) per share, a 16.92 percent premium over Friday’s closing price of 19,500 won.

The total deal value amounts to 31.92 billion won, with the tender offer scheduled from Monday to September 29.

NH Investment & Securities will reportedly serve as the manager. SVC will purchase up to 308,000 shares first, with any excess to be acquired by the largest shareholder S-Form.

If fewer shares are tendered than planned, all submitted shares will be purchased. If the offer is oversubscribed, shares will be bought on a pro-rata basis within the targeted volume. Upon completion, S-Form, SVC, and related parties will hold 11,249,660 shares, representing 76.53 percent of the company’s outstanding common stock.