Koo Mi-hyun buys 37% of Bonne for 14B won, rescuing it from delisting
What's the deal? Koo Mi-hyun, former chairman of South Korean food service company OurHomeDealroom has a profile for this one. Try Dealroom →, has agreed to acquire management rights of KOSDAQ-listed cosmetics manufacturer BonneDealroom has a profile for this one. Try Dealroom →. Bonne's largest shareholder, former chief executive officer Lim Seong-gi, and related parties signed a contract on July 31 to sell their roughly 37% stake for around 14 billion won. Payment is due September 10, when Koo becomes the largest shareholder.
The terms: The sale price of 4,427 won per share reflects a threefold management premium, as the stock traded near 1,500 won before disclosure. Koo also bought convertible bonds worth 10 billion won; if fully converted at 1,300 won, they would add roughly a 46% stake.
Why now? Bonne, which specialises in cosmetics original equipment manufacturing (OEM), had been pushed toward delisting by prolonged poor performance. It posted an operating loss of 8.3 billion won last year and 2.1 billion won in the first quarter, while cash fell to 5.4 billion won, raising liquidity risks.
The turnaround: The management sale is expected to help Bonne avoid delisting. Its stock, which peaked near 20,000 won in 2024 before sliding to around 1,000 won, surged for two straight sessions to 2,180 won, lifting its market capitalisation to 18.3 billion won.
What's the endgame? Bonne raised cash by issuing 10 billion won in additional convertible bonds and a 2 billion won third-party rights offering alongside Koo's purchase. The moves signal an intent to strengthen its existing cosmetics business.
The context: Koo returns to corporate management about a year after selling her stake in OurHome. She and her brother, former vice chairman Koo Bon-sung, sold their shares to Hanwha Hotels & Resorts for roughly 870 billion won, leaving Koo with estimated funds in the hundreds of billions.
The signal: The Bonne deal is Koo's first capital-market move since exiting OurHome, and some in the industry speculate it could mark the start of further M&A activity.
Read more: The Chosun Ilbo
Image credit: Bonne
