BGF Co., Ltd. (KOSE:A027410) made an offer to acquire additional 30% stake in BGF Retail Co., Ltd. for approximately KRW 790 billion on January 11, 2018. Under the terms of the transaction, BGF Co., Ltd. will acquire 5.19 million shares at KRW 0.21 million per share. BGF Co., Ltd. will issue its new shares as consideration for the tender offer to the shareholders of BGF Retail Co., Ltd. The consideration will be based on the product of the confirmed number of shares to be purchased in the tender offer multiplied by the price per share for the tender offer and divided by BGF Co., Ltd.'s new share issue price.

If the total number of applied shares is less than the number of shares for purchase, then all the applied shares will be purchased. If the number applied is more, then the shares will be proportionally purchased. As per the new terms of amendment dated February 12, 2018, BGF Co., Ltd. will issue 74.1 million shares with the exchange ratio of 1:14.2847448.

As of March 6, 2018, the tender offer terms are revised, BGF Co., Ltd will issue 63.1 million shares as consideration. The tender offer period will be from February 14, 2018 to March 5, 2018.