Hahn & Co. to acquire remaining Lutronic shares in second tender offer

Lutronic Corp.’s laser devices [Photo provided by Lutronic]

South Korean private equity firm Hann & Co. has secured an 83 percent stake in Lutronic Corp. in the latest round of its tender offer to take control of the company.

The private equity firm who plans to launch a second tender offer soon to increase its stake to more than 90 percent, a level that would trigger a voluntary delisting.

According to sources on Monday, Hann & Co. secured 17.14 million shares of common stock and 61,754 shares of convertible preferred stock in a tender offer, which ran for 36 days through July 14. This increases Hahn & Co.’s stake in Lutronic to a total of 83.12 percent, including the 19.12 percent held by co-holder Lutronic Chairman Hwang Hae-ryung.

Hahn & Co. plans to conduct an additional tender offer for the remaining shares from July 17 to Aug. 8, aiming to acquire about 3.73 million common shares at 36,700 won ($29) per share and 74,782 convertible preferred shares at 52,428 won per share.

Previously, Hahn & Co. expressed its intention to conduct the tender offer to bring Lutronic fully under its control.

By holding a significant level of ownership that allows for special resolutions at a shareholder meeting, the company can proceed with comprehensive stock exchange procedures. This involves providing cash or shares of the parent company to shareholders holding the remaining stake in Lutronic in exchange for their shares.

Lutronic holds a significant presence in the Korean aesthetic market, with an approximately 80 percent market share in dermatology and laser devices, making it a highly influential company in the field.