Choi Yun-beom, chair of Korea Zinc Inc., speaks during a press conference in Seoul on Wednesday. (Yonhap)

Korea Zinc Inc., a leading non-ferrous metal smelter, said Friday it has raised its tender offer price for its own shares as part of an intensifying management battle with the coalition of its largest shareholder, Young Poong Corp., and private equity firm MBK Partners.

The offer price increased to 890,000 won ($660) per share from the current 830,000 won, Korea Zinc said in a regulatory filing.

The company also plans to acquire 17.5 percent of its total shares, or 3.62 million shares, through the tender offer, an increase from its earlier plan to purchase 15.5 percent.

As a result, Korea Zinc will need 3.2 trillion won for the purchase, up from the initially planned 2.66 trillion won.

The decision came on the last trading day without extending the period of the tender offer, which is scheduled to end on Oct. 23.

Korea Zinc's price hike came a week after Young Poong and MBK Partners announced plans to raise their offer price for Korea Zinc to 830,000 won per share.

Shares of Korea Zinc were trading at 788,000 won on the Seoul bourse as of 10:05 a.m., down 0.13 percent from the previous session.

The battle for management control of Korea Zinc has heated up as MBK teamed up with Young Poong and launched the public tender offer in mid-September to acquire a stake of up to 14.61 percent in the smelter.

Young Poong and investors supportive of it control a 33.13 percent stake, while Choi, the chairman of Korea Zinc, and his supporting investors control a 33.99 percent stake, according to industry sources.

The ongoing conflict marks the end of decadeslong cooperation between Young Poong and Korea Zinc, which were co-founded in 1974 by Chang Byung-hee and Choi Ki-ho. (Yonhap)