SEOUL: Korea Zinc Chairman’s investment vehicle Jerico Partners has increased its tender offer for Young Poong Precision from 30,000 won to 35,000 won ($25.93) per share, the company said Friday in a regulatory file.

The move comes as the family of Korea Zinc Chairman Yun B. Choi battles for control of the $12 billion zinc empire with co-founding Chang family, including electronics conglomerate Young Poong first made a joint bid with private equity firm MBK Partners for Young Poon Precision in 2017. September.

It was the first time the Choi family raised the price of its offer for Young Poong Precision, which holds a 1.85 percent minority stake in Korea Zinc, the world’s largest producer of refined zinc.

Friday’s offer from the Choi family exceeds MBK’s offer of 30,000 won per share for Young Poon Precision. Since September, MBK and Young Poong have increased their prices twice, from 20,000 won to 30,000 won.

($1 = 1,349.5900 won)