Categories
· Business (Tobacco)
non-USA, by Country
· Korea - South
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(Adds Steel Partners' comment, background, share price)
Jump to full article: Reuters, 2008-03-14
Author: Kim Yeon-hee
Intro: Warren Lichtenstein, who leads U.S. fund Steel Partners, quit on Friday as an outside director of South Korea's KT&G, ending the fund's 2-year push for the country's top tobacco maker to increase corporate value.
Lichtenstein got the board seat at a closely-watched shareholder vote in early 2006, after it had teamed up with U.S. investor Carl Icahn to offer to buy KT&G at 60,000 won ($60.7) per share, above its market price at the time.
Their offer had valued the firm at $10 billion in the first foreign hostile takeover bid on a major South Korean firm, but never resulted in filing an official tender offer.
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