Hyundai GF Holdings: A Tender Offer of 15% Stake in Hyundai Ezwel

• Hyundai G.F. Holdings announced that it is making a tender offer of a 15% stake its affiliate Ezwelfare (090850 KS) (Hyundai Ezwel Co).

• The tender offer involves 3,561,954 shares of Hyundai Ezwel, at the tender offer price of 7,000 won per share (15.7% higher than the closing price on 9 November).

• On Monday (11 November), Hyundai Ezwel's share price could reach about 1-3% below the tender offer price (about 6,800 won to 6,930 won) in the first few minutes of trading.