The proposed revival of Korea's mandatory tender offer system, abolished in 1998 following the Asian financial crisis, has reignited debate nearly three decades later. The idea behind the system is simple: When someone buys a company, smaller shareholders should have a chance to sell their shares at the same price as the company's largest shareholder. Under the bill pending in the National Assembly, a buyer taking control of a company would have to purchase enough shares through a public tender offer to raise its ownership to at least 50 percent plus one share. The goal is to protect minority shareholders, particularly retail investors, who could otherwise miss out on the higher prices paid in corporate takeovers. Here's why the rule matters: Imagine Company A wants to take over Company B. Company B's largest shareholder, Kim, owns 40 percent of its shares, while smaller shareholders own the remaining 60 percent. Company A offers to buy Kim's entire stake at a price above the current market price. By acquiring Kim's 40 percent stake, Company A gains control of Company B. Kim walks away wit