HanSol Logistics stocks up amid HanSol Holdings tender offer

[Courtesy of HanSol Logistics Co.]

HanSol Logistics Co. shares surged on Tuesday morning following the announcement of a tender offer for its shares by HanSol Holdings Co.

Hansol Logistic‘s shares were trading at 2,810 won ($2.06) as of 9:23 a.m., up 370 won or 15.16 percent from the previous day. The stock hit the 2,900 won mark shortly after the opening, up 460 won or 18.85 percent.

HanSol Logistics said in an announcement on Tuesday that its largest shareholder HanSol Holdings will buy its 5.2 million common shares (11.53 percent) at 3,000 won per share via a tender offer by June 10th, 2024.

The company said that the move aims to increase HanSol Holdings’ control over HanSol Logistics to approximately 40 percent, with the goal of introducing more responsible management and ensuring stability.