SEOUL: Korea Zinc on Friday raised the purchase price and size of its tender offer, intensifying the battle between its two founding families for control of the world’s largest zinc refiner.

Korea Zinc said it raised the offering price by 7 percent, to 890,000 won ($659) each, and increased the number of shares it plans to acquire by 21 percent, to 3,623,075 shares, valuing the tender offer at 3.2 trillion won ($2.4 billion). .

The move is “the only way to thwart the hostile mergers and acquisitions of MBK Partners and Young Poong,” Korea Zinc said in a statement.

The offer exceeds the offer of 830,000 won per share from MBK and Young Poong.

MBK said on Wednesday it would not raise its offer prices for Korea Zinc or its subsidiary Young Poong Precision, fearing that a bidding war could place a financial burden on Korea Zinc.

South Korea’s Financial Supervisory Service (FSS) on Tuesday ordered an investigation into Korea Zinc’s public offerings for unfair trade practices.

Shares of Korea Zinc fell 1% to 781,000 won each in morning trading. Korea Zinc’s latest takeover bid has a deadline of October 23.

Jerico Partners, the investment vehicle of Korea Zinc Chairman Yun B. Choi, on Friday increased its offer for Young Poong Precision by 16.7 percent, to 35,000 won per share.

The Choi family’s offer tops MBK’s by 30,000 won per share for Young Poong Precision, which owns a 1.85 percent minority stake in Korea Zinc.

Shares of Young Poong Precision were trading down 6 percent at 29,300 won.