DCK Investment tender fails — 721k tendered vs 3.27m min; buys 0; SPA for 24.4% stake may unwind
What: pre-open Gabia stamps the DCK Investment tender result — only 721,413 shares tendered vs a 3,267,629 minimum, so the offeror buys zero at the ₩48,000 cash price, and the linked Jul-17 SPA for the founders’ 3,270,248 shares (~24.4%) may unwind because its precondition failed. Why down: the control/exit path at a fixed ₩48,000 cash bid is dead for this window — public float did not tender enough, and the founder SPA that was the real control bridge is now at risk of termination. Removing a known take-out / control premium is mechanical downside into the next auction, not a routine admin wrap. Why 3-8% (not 1-3%/8%+): on a ~₩525bn KOSDAQ hosting name a failed min-size tender plus possible SPA unwind is a real open-gap catalyst (control deals move mid-caps), but refuse a clean 8%+ overnight band because (1) last close ₩39,100 already sat ~22.8% under the ₩48,000 tender — much of the completion hope was already out of the tape after the Sep 14–16 selloff, (2) the SPA language is “may be terminated,” not an automatic cancel stamp, (3) ADV is mid-small so headline beta can still clip several percent without a limit-down. Why p≈40%: pre-open → 09:00 auction is the leftover product on an after-hours result stamp; haircut from ~55% because the stock already traded far below tender (deal doubt prepaid) and because SPA unwind is still conditional — leftover is confirmation gap into the open, not a fresh scandal print.
Live (last cash 17 Sep): ₩39,100 (+4.83% vs ₩37,300); high ₩40,400; low ₩37,000; mcap ₩5,247.5억 (~₩524.7bn); tender ₩48,000 (~+22.8%) · enrich pre-open 18 Sep
