The stock price of Lock&Lock Co., Ltd. (KOSE:A115390) has soared by 6.11% on April 18, 2024's trading session, as Affinity Equity Partners Limited has initiated a public tender offer on the company. According to the Korea Exchange, the stock price of the food container manufacturing business ended at KRW 8,680 ($6.31), which is close to the Hong Kong-based private equity firm's tender offer price of KRW 8,750. Affinity has launched the tender offer on the company from April 18, 2024, aiming to acquire the remaining 30.33% stake of LocknLock, of which the private equity firm already holds a 69% stake.

The tender offer aims to acquire approximately 13.1 million common shares, or 30.33% stake of LocknLock, over a period of 27 days until May 14. The tender offer price is set at the price of KRW 8,750 per share, amounting to KRW 114.9 billion in total. NH Investment and Securities serves as the lead underwriter for the public tender offer.

Affinity plans to purchase all tendered shares during the offer period, regardless of the final subscription rate, and the purchase price will be settled in cash. The private equity firm is expected to voluntarily delist LocknLock after securing full ownership through the tender offer. "We initiate the public tender offer with an aim to swiftly delist the firm from the stock markets voluntarily and privatize the company by integrating it into a wholly-owned subsidiary of the acquirer or its affiliates," reads the public tender offer statement.