Korea Zinc said on Monday it would cancel all of its newly acquired shares to raise shareholder value. However, cancellation of the shares means the Chois' stake will not increase relative to its rival. Bain Capital, which backs Korea Zinc, separately secured a 1.41% stake in the company, the zinc refiner said in a regulatory filing. Neither side has a majority stake in the case of a proxy fight. The latest transactions suggest the overall backing Korea Zinc's management has secured so far is smaller than the stake held by MBK and Young Poong and raised investor expectations for a prolonged takeover battle, driving Korea Zinc shares to record highs on Monday. Shares in Korea Zinc jumped as much as 7.5% on Monday, after hitting an all-time high last week, as the number of shares available to trade have shrunk due to tender offers from both sides.