Hyosung Corporation (KOSE:A004800) made an offer to acquire an additional 30.04% stake in Hyosung TNC Corporation (KOSE:A298020) from Suk-Rae Cho, Hyun-Sang Cho, Dong Yang Institute and others for approximately KRW 220 billion on October 26, 2018. Under the terms of transaction, Hyosung Corporation will issue its new shares to acquire 1.3 million shares of Hyosung TNC Corporation for a cash equivalent of KRW 0.17 million each. After the transaction, Hyosung Corporation will hold around 35.3% stake in Hyosung TNC Corporation.

In a related transaction, Hyosung Corporation will acquire stakes in Hyosung Heavy Industries Corporation (KOSE:A298040), Hyosung Advanced Materials Corporation (KOSE:A298050) and Hyosung Chemical Corporation (KOSE:A298000). Tender offer will run from November 28, 2018 to December 17, 2018. Mirae Asset Daewoo Co., Ltd. acted as service management company in the deal.