The stock tumbled as much as 5.7% to a low of W59,500 shortly after opening, and while recovering from there fairly quickly, it never returned above the W60,700 placement price and eventually closed 4.1% lower at W60,500.
The sell-off came amid speculation that the selling shareholder was Carl Icahn, the shareholder activist who earlier this year, with a partner, led a seven-month campaign to push KTG's management to boost the shareholder value of the company. The pair dissolved their alliance in August and...
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