Hyosung Corporation (KOSE:A004800) made a tender offer to acquire additional 30.1% in Hyosung Advanced Materials Corporation (KOSE:A298050) for approximately KRW 140 billion on October 29, 2018. The offer is made to acquire 1.4 million shares at KRW 103,000 per share. The consideration comprises issuance of new registered shares of Hyosung Corporation.

Pre deal, Hyosung Corporation held 21.2% stake and post completion of the deal, it will hold 35.4% in Hyosung Advanced Materials Corporation. As of amendment dated November 26, 2018, Hyosung Corporation will pay KRW 911 million in cash in lieu of fractional shares and will issue 2.86 million shares as consideration. The tender offer is valid for acceptances from November 28, 2018 to December 17, 2018.

Mirae Asset Daewoo Co., Ltd. acted as service handling entity.