KISCO Holdings launched a public tender offer to take its KOSPI-listed subsidiary Korea Steel, also identified as KISCO, private, sending the shares up 23.68% on Nov. 2. At 9:24 a.m., Korea Steel was trading at 12,900 won, approximately $9.6, after closing at 10,430 won in the previous session. The offer runs from Nov. 2 through Nov. 23 for 8,592,668 common shares, representing 23.57% of the company, at 13,000 won per share. The proposal values the transaction at 111.7 billion won and represents a 25% premium to the previous close. KISCO Holdings said the transaction is intended to address structural undervaluation linked to overlapping listings of the parent and subsidiary. If completed, its stake in Korea Steel is expected to rise from 16.09% to 83.91%.