Koo Mi-hyun buys 37% of Bonne for US$11.7M, 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 US$11.7M. Payment is due September 10, when Koo becomes the largest shareholder.
The terms: The sale price of US$3.71 per share reflects a threefold management premium, as the stock traded near US$1.26 before disclosure. Koo also bought convertible bonds worth US$8.38M; if fully converted at US$1.09, 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 US$6.96M last year and US$1.76M in the first quarter, while cash fell to US$4.53M, raising liquidity risks.
The turnaround: The management sale is expected to help Bonne avoid delisting. Its stock, which peaked near US$16.8 in 2024 before sliding to around US$0.84, surged for two straight sessions to US$1.83, lifting its market capitalisation to US$15.3M.
What's the endgame? Bonne raised cash by issuing US$8.38M in additional convertible bonds and a US$1.68M 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 US$729.4M, 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
