EQT Partners’ attempt to delist South Korean accounting software firm Morezon BizOn through a second tender offer has fallen short of its target, according to local business news outlet Alphabiz. The private equity firm launched the offer as part of its effort to take the company private, but failed to acquire enough shares to proceed with delisting.
The development comes amid growing scrutiny over private equity-led tender offers in South Korea, particularly regarding the treatment of minority shareholders. Earlier this year, EQT Partners faced criticism for its initial acquisition of Morezon BizOn, with allegations that it had disadvantaged small investors during the buyout process. The controversy prompted renewed debate over “경영권 프리미엄” – the practice of paying a premium to controlling shareholders although offering market prices to public investors – a structure unique to South Korea’s M&A landscape.
According to a report from Sedaily published in March 2026, private equity firms have begun adjusting their tender offer strategies following repeated failures and public backlash. Firms including Bain Capital and EQT Partners are now proposing to pay the same price for all shares in tender offers, eliminating the traditional dual pricing model that favored controlling shareholders. Bain Capital, for example, offered 16,000 won per share in its tender offer for Andar operator Eco Marketing, matching the price it paid to the company’s founder through a special purpose vehicle. Similarly, EQT’s subsidiary Roadonykum offered 120,000 won per share for Morezon BizOn – a 25% premium over the pre-announcement market price of 96,000 won – and explicitly stated in its tender offer documentation that it would establish shareholder protection measures.
Despite these adjustments, the second tender offer for Morezon BizOn did not achieve the required participation rate. Alphabiz reported that the offer “목표 미달” – meaning it fell short of its goal – though specific figures on the number of shares tendered or the target threshold were not disclosed in the available reports. The outlet noted that the outcome reflects ongoing challenges in balancing private equity objectives with minority shareholder rights in South Korea’s evolving corporate governance environment.
The Morezon BizOn case is part of a broader trend in which private equity firms are reevaluating their approach to take-private transactions in South Korea. Following high-profile disputes such as the one involving MBK Partners and YoungPoong’s bid for Korea Zinc – where the concept of 경영권 프리미엄 became a focal point of contention – regulators and investors have called for greater transparency and fairness in tender offers. In that dispute, YoungPoong’s CEO Kang Sung-doo defended the utilize of control premiums, arguing that they protected investors from future losses if the company’s stock price rose after the deal.
As of April 2026, no official announcement has been made by EQT Partners or Morezon BizOn regarding a potential third tender offer or alternative path to delisting. Market observers suggest that the firm may need to revise its offer terms further or consider other strategic options if it remains committed to exiting the public listing.
For updates on Morezon BizOn’s shareholder communications and regulatory filings, investors are advised to consult the Korea Exchange’s disclosure system (KIND) and the company’s investor relations portal.
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