MBK Partners, a private equity firm, announced on Wednesday that it will not increase its tender offer price for Korea Zinc Inc. amidst heightened competition for management control. Recently, MBK and Young Poong Corp. elevated their offer for Korea Zinc to 830,000 won ($617) per share, as well as for Young Poong Precision at 30,000 won, aiming for a controlling stake in the leading global zinc smelter. Young Poong Precision holds a 1.85% share in Korea Zinc. MBK expressed concern over the potential damage to corporate value caused by escalating price competition, emphasizing that their current offer already provides substantial premiums for investors. This competition signals a shift in the long-standing partnership between Young Poong and Korea Zinc, which dates back to their founding in 1974. Young Poong and its investors control a 33.13% stake, while Korea Zinc's Chairman Choi Yun-beom and his associates hold 33.99%. In response to the ongoing tender offer, Korea Zinc has called on MBK and Young Poong to terminate what it describes as a "hostile" bid, urging them to prioritize corporate and shareholder value by ending the takeover attempt before the October 14 deadline. As of the latest trading day, Korea Zinc shares closed at 776,000 won.