SJ Investment Holdings launches tender offer for GOLFZON HOLDINGS at 6,700 won per share, targeting 36.15% stake for delisting
SJ Investment Holdings has initiated a tender offer from June 29 to August 5, 2026 to acquire all remaining shares of GOLFZON HOLDINGS for delisting and full ownership.
The offer targets 15,485,020 common shares at 6,700 won per share, excluding 4,212,076 treasury shares and holdings of the largest shareholder and related parties, representing a 57.5% premium over the last closing price.
Total consideration of 105.3 billion won is financed through 25 billion won in equity and an 80.3 billion won loan from NH Investment & Securities at 5.30% interest, secured by acquired shares.
Despite consistent dividend payouts yielding up to 6.9% and share buybacks, GOLFZON HOLDINGS' stock has declined 53% from its 2022 high with declining liquidity, prompting the delisting decision.
Post-offer, the filer and related parties will hold 90.17% of total shares and 100% of floating shares, meeting delisting requirements.
[AI Summary]This tender offer provides minority shareholders a substantial premium to exit amid a declining business environment, but results in loss of public market access and future upside. The newly formed filer's heavy reliance on debt financing introduces counterparty risk.