EQT, a foreign private equity fund (PEF) manager, announced on the 27th that the tender offer for Th.. - 매일경제

EQT, Europe's largest private equity fund manager, has successfully concluded its two-phase tender offer for Douzone Bizon, a South Korean IT services company, accumulating a 94% ownership stake that triggers the final stage of the delisting process. The acquisition was structured through Doronicum, a special purpose company established by EQT, which acquired shares across multiple tranches: initial purchases from controlling shareholder Chairman Kim Yongwoo and Shinhan Financial Group, followed by the first tender offer that achieved exceptional 90% participation, and a second tender offer initiated on March 27 that secured an additional 1.2 million common shares by April 24.

The tender offer pricing reflected a disciplined valuation approach, with the per-share price set at 120,000 won—a 25% premium to Douzone Bizon's February 20 closing price of 96,000 won—valuing the total transaction at approximately $1.5 billion. This pricing structure applied uniformly across both tender rounds, ensuring consistent terms for all participating shareholders and establishing fairness benchmarks that withstand institutional scrutiny.

Douzone Bizon's board of directors formally supported the second tender offer on April 15, following a thorough independent review conducted by a special committee composed exclusively of outside directors with no conflicting interests. The review process, mandated under South Korea's Ministry of Justice Director Code of Conduct Guidelines, encompassed evaluation of transaction purpose, price fairness, procedural legality, and minority shareholder protection. The special committee retained external advisors to conduct independent valuation analysis and legal assessment, providing objective institutional validation for the board's endorsement.

EQT characterized the transaction execution as a success case, noting the exceptional acquisition percentages achieved across both rounds, which substantially exceed typical tender offer participation benchmarks. The 94% consolidated stake positions the company favorably for completing remaining delisting procedures, with management indicating that regulatory and procedural requirements are anticipated to proceed without material complications given the comprehensive groundwork completed during the tender offer phases and the board's formal support documentation.