(Bloomberg) — Korea Zinc Co., according to a regulatory filing. The share buyback gave Chairman Choi Yun-beom and Bain Capital an additional 11% of the company’s shares.

Choi, with Bain’s backing, will join forces with the world’s largest zinc producer, Young Poong Corp., the company’s largest shareholder. and was trying to fend off a takeover from private equity firm MBK Partners.

Korean Zinc shares rose as much as 7.5% after the buyback results were announced, following a 52% rise last week. They were trading at 1,282,000 won ($923) as of 9:45 a.m. in Seoul. This is well above Choi’s buyback offer of 890,000 won, indicating investors are waiting for further developments as the battle for control continues.

Shareholders representing 9.85% of Korea Zinc participated in the offer, which closed on Wednesday, while Bain took 1.41%. Korea Zinc had tried to buy back about 20% of the company.

Before the buyback, Choi had the support of approximately 34% of shareholders. Meanwhile, Young Poong and MBK control about 38% of the company after their bid expired earlier this month. The shares purchased in the buyback will have no voting rights, meaning neither party has effective control over the company.

MBK and Young Poong will call an extraordinary general meeting of shareholders to explain how they plan to improve corporate governance at Korea Zinc, MBK said on Monday. “The foundation for improving corporate governance has been laid” in the company, they said.

–With help from Heesu Lee and Shinhye Kang.

(The 3rd paragraph has been updated with the share movement and details are added below)

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