Macquarie Initiates Take-Private Bid for Gavia at 48,000 Won Per Share, 41.6% Premium on July 21

According to Yonhapinfomax, on July 21, Macquarie Asset Management initiated a take-private bid for Gavia, a cloud and IT infrastructure company, through its special purpose vehicle DCK Investment. The bid prices shares at 48,000 won each, representing a 41.6% premium over the previous closing price and 56% above the one-month weighted average.

The bid targets up to 9.805 million shares, representing 73.1% of the company, with completion expected by September 17. Gavia founder Kim Hong-guk agreed to sell his 24.37% stake at the same price. However, according to the filing, Kim will reinvest most of the proceeds back into DCK Investment and retain a board seat post-privatization, maintaining control through a veto right in the acquisition entity's board decisions.

Align Partners, holding 14.3% of Gavia, raised concerns about the deal structure, arguing that while the premium appears generous, the underlying arrangement favors the founder and allows him to maintain effective control. Align called on the board to conduct independent valuation and explore alternative offers.