Metrica Partners will not tender its funds’ shares in SK Chemicals to SK Discovery
- SK Discovery’s tender offer price is very low, representing a 74% discount to net assets.
- SK Chemicals has still not adequately compensated its shareholders for the split-off of SK Bioscience. The Korean regulator has recognised how split-offs can hurt the interests of investors.
- Only a wholesale restructuring can restore the market’s trust in SK Chemicals.
Metrica Partners Pte. Ltd. manages various investment funds that own shares in SK Chemicals Co., Ltd. (code: 285130).
SK Chemicals is currently subject to a tender offer by SK Discovery Co., Ltd. (code: 006120). SK Discovery is offering to buy 5.22% of SK Chemicals’ shares for ₩108,800 per share.
Metrica believes the offer price to be wholly inadequate and it does not intend to tender any of its funds’ shares. (more…)