Wafer fab equipment maker Wonik IPS buys rival APTC shares in bulk
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Update time : 2023-07-26 11:11:41
Wafer fab equipment maker Wonik IPS is utilizing multiple securities firms to purchase shares of rival APTC, according to TheElec.
Wonik IPS began buying APTC's listed shares in May of this year, and the operation is still ongoing, the sources said.
They said it was unclear how many shares Wonik IPS had purchased in total over the past two months, but if it continued, it could exceed the 5 percent mark, which would require it to disclose its purchases under local financial laws.
However, they added that if Wonik IPS uses a trustee, it could purchase more than 5% of the shares without having to disclose this.
It is unclear exactly why Wonik IPS is acquiring shares in APTC; it has never purchased another company's shares listed on the Korean exchange in the past.
Considering APTC's current situation, this is likely a hostile takeover attempt. Etcher maker APTC is currently in a battle with its former CEO Kim Nam-hun, who has filed a lawsuit to prevent APTC from issuing new shares and is seeking a motion to access its books.
The former CEO has been seeking to sell his stake in APTC through Samsung Securities since last year. The sources said Wonik IPS may strike a deal with Kim Nam-hun, who along with his colleagues owns a 13.4 percent stake in APTC Corp. while APTC's current management team, including Chief Executive Officer Choi Woo-hyung and others, owns a total of 9 percent, to buy his shares in APTC.
However, other major shareholders are also more supportive of the Choi Woo-hyung team, the sources said.Wonik IPS's main product is deposition machines, and past attempts to launch etching machines have ended in failure.
Meanwhile, APTC has a 90 percent market share in metal etching machines supplied to memory chip giant SK Hynix.
Samsung relies on Applied Materials for 90 percent of the etchers it uses. Samsung has been trying to cultivate a South Korean equipment maker to develop etchers as a second-tier supplier, but those efforts have so far failed.
Wonik IPS is Samsung's large equipment suppliers, if it succeeds in acquiring APTC, which could significantly shake up the Korean fab equipment landscape.
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