Macquarie Asset Management’s proposed acquisition and voluntary delisting of KOSDAQ-listed cloud and infrastructure company Gabia has collapsed after its tender offer received 721,413 shares, below the minimum requirement of 3,267,629. DCK Investment, Macquarie’s special purpose company, was required to buy no shares if the threshold was missed, and the agreement to acquire 3,270,248 shares, or 24.4% of Gabia, from Representative Kim Hongguk and two others is entering a termination process. Mir Capital, which holds 24.2%, and Align Partners Capital Management, with 14.3%, opposed the 48,000-won price and criticized the transaction process. Their combined 38.5% stake made securing the minimum tender volume difficult because freely tradable shares excluding the largest shareholder’s stake represented less than 40%. Align Partners has also sought board changes and stronger protections for minority shareholders.