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Woongjin launches attempt to buy back Coway from MBK

Sept 01,2018
Woongjin said on Friday that its affiliate would issue new shares worth 169 billion won ($152 million) to try to purchase Korea’s top water purification maker back from a local private equity fund.

In a regulatory filing, Woongjin said proceeds from the stock sale of Woongjin Thinkbig, its education content arm, would be used to finance a possible acquisition of Coway from MBK Partners.

The new stock will be priced at 4,025 won per share, it said.

Woongjin earlier said it was seeking to buy a 26.8 percent stake in Coway from MBK Partners, which said on Tuesday that it was not considering selling its stake to Woongjin.

In 2013, MBK Partners acquired a 30.9 percent of Woongjin Coway from the then cash-strapped Woongjin Group for about 1.2 trillion won.

The company was later renamed Coway.