The South Korean government said on Monday it will launch a tender offer to sell off a 29.3% stake, valued at around 4.7 trillion won ($3.6 billion), in Seoul-based game giant NXC Corp. from Dec. 18 to 19.
As NXC Corp.’s ex-chairman Kim Jung-ju unexpectedly died in February of last year, Kim’s two daughters came to inherit all his ownership in NXC, a 67.49% stake.
To pay inheritance tax, the two daughters handed over a 29.3% stake in NXC as payment-in-kind to the Korean government in May of this year.
The 4.7 trillion won payment-in-kind is the largest-ever inheritance tax paid as securities to the Korean government.
The Ministry of Economy and Finance and state-owned Korea Asset Management Corp. (KAMCO) are planning to announce the winner of the bid on Dec. 22. If the bid fails, they will launch another round of tender offer on Dec. 25-26.
Source: KED
