Cha Partners Asset Management, which had publicly opposed Realtyfine’s tender offer for Refine, ultimately tendered part of its holdings, according to the updated account. Must Asset Management, another major Refine shareholder with approximately 10.2%, declined to participate, putting the two institutions on divergent paths. Realtyfine, a special purpose company established by LS Securities and Stonebridge Capital, offered 17,600 Korean won per share. Earlier reporting had described Cha Partners as selling its entire approximately 3% stake, but the updated account says only part was tendered. Realtyfine received applications for 4,948,772 shares during the offer period from August 18 to September 16 and purchased all of them, increasing its Refine holding from 47.96% to 76.52%.