South Korean private equity firm MBK Partners said on Tuesday it had launched a tender offer to acquire a minimum of a 20.35% stake in battery storage maker Hankook & Company.

MBK Partners said the tender offer is set at 20,000 won per share, valuing Hankook at 1.894 trillion won ($1.45 billion).

The offer represents an 18.9% premium to Hankook‘s closing price of 16,820 won in the last trading session.

The private equity firm said it is looking to take no more than a maximum target stake of 27.32% in Hankook & Co, holding company of Hankook Tire & Technology.

Shares in Hankook & Co rose as much as 30% to 21,850 won, hitting their highest since late February 2021. Shares in Hankook Tire & Technology were trading up 2.3% as of 0443 GMT.

Ventura Corporation, a special purpose company established for MBK‘s tender offer, said it will launch the public tender offer for Hankook‘s shares listed on the Korea Stock Exchange, MBK Partners said in a statement.

Reuters