Hahn & Co Launches a Tender Offer on Remaining Shares of Ssangyong C&E

• On 4 February, the local media reported that Hahn & Co private equity firm is launching a tender offer on the remaining shares of Ssangyong Cement Industrial (003410 KS) (Ssangyong C&E).

• Tender offer price is 7,000 won (9.2% higher than the closing price on 2 February) and the tender offer amount is 702 billion won.

Hahn & Co plans to buy shares of all tender offer applications, regardless of tender offer ratio. Delisting does not require 95% of shares be secured. Controlling shareholder can buy minority shareholders' shares as long as controlling entity has at least a 66.7% stake. If Hahn & Co buys more than 90% of Ssangyong C&E's shares, it only needs to get approval from BOD, not from shareholders at EGM.