MiryCapital Demands Macquarie Raise Gavia Takeover Price to 66,200 Won from 48,000 Won on July 21

According to a public letter on July 21, MiryCapital, Gavia's second-largest shareholder holding 24.2%, rejected Macquarie Asset Management's public acquisition offer of 48,000 won per share, arguing it significantly undervalues the company. The investment firm proposed a minimum fair price of 66,200 won per share, representing a 38% premium based on global datacenter and web hosting peer comparisons.

At the current bid price, Gavia's EV/EBITDA multiple stands at 8.5x on 2027 estimates versus the 12-28x range typical for global peers, according to MiryCapital. The firm also flagged concerns regarding minority shareholder protection at Gavia subsidiary KINX and called for competitive bidding process and governance reforms.