Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Acquisition of SK D&D by Hahn & Co + Tender Offer and Delisting Plans

SK D&D: Delisting Tender Offer by Hahn & Co Fails - What's Next?

Likely Increase In Mandatory Tender Offer from the Current 50% + 1 Share Requirement

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Hahn &amp; Co. to buy SK Discovery’s 31.3% stake, launch ₩12,750/share tender for 37.4% float (₩88.8B), fully debt-financed, Oct 1–29.</li>
<li>SK D&amp;D likely gaps to offer price at open; 95% triggers delisting, but bidder must hit ~85%—tender size is heavy, so success isn’t guaranteed.</li>
<li>Setup for possible 2nd-round tender; current offer one-third of FY25 BPS, minorities unlikely to bite—trade is positioning for a potential price bump.</li>
</ul>


Hahn &amp; Co. to buy SK Discovery’s 31.3% stake, launch ₩12,750/share tender for 37.4% float (₩88.8B), fully debt-financed, Oct 1–29.
SK D&amp;D likely gaps to offer price at open; 95% triggers delisting, but bidder must hit ~85%—tender size is heavy, so success isn’t guaranteed.
Setup for possible 2nd-round tender; current offer one-third of FY25 BPS, minorities unlikely to bite—trade is positioning for a potential price bump.


SK D&D Tender to Be Announced Pre-Market This Morning – Assessing the Trading Angle

SK D&D Co Ltd

SK D&D Tender to Be Announced Pre-Market This Morning – Assessing the Trading Angle