The second public tender offer conducted by the major shareholder side, aiming for Golfzon Holdings' voluntary delisting, concluded with zero shares submitted.
SJ Investment Holdings (hereinafter SJ), a special purpose vehicle of Won&Partners, announced on the 4th that its public tender offer for Golfzon Holdings, which ran from last month's 10th to this month's 2nd, ended with zero shares submitted and zero shares purchased.
Previously, SJ proposed a tender offer price of 6,700 won per share. It is interpreted that shareholders withdrew their participation as the Golfzon Holdings stock price on the exchange exceeded the tender offer price.
The market raised concerns about the low-price nature of the tender offer, which was only at a price-to-book ratio (PBR) level of 0.35 times.
According to the public disclosure filed that day, SJ and its related parties were found to have secured an 85.21% stake in Golfzon Holdings, excluding treasury shares.
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