Private equity firm MBK Partners said Wednesday that it will not further raise the tender offer price for Korea Zinc Inc. amid intensifying competition for management control.

MBK and Young Poong Corp. recently raised their tender offer price for Korea Zinc to 830,000 won ($617) and for Young Poong Precision to 30,000 won, as they aim to gain a controlling stake in the world's top zinc smelter.

Young Poong Precision holds a 1.85 percent stake in Korea Zinc.

"We cannot stand by as the corporate value of Korea Zinc and Young Poong Precision is damaged by additional price competition," MBK said in a statement, noting that the tender offer price already offers significant premiums for investors.

The announcement came amid the intensifying battle for control of Korea Zinc, with MBK teaming up with Young Poong and launching a public tender offer in mid-September to acquire up to a 14.61 percent stake in the smelter.

In cooperation with Young Poong, the largest shareholder of Korea Zinc, MBK launched a public tender offer on Sept. 13 to purchase shares of the smelter at 660,000 won per share.

MBK and Young Poong later raised their offer price after Korea Zinc announced it would purchase its own shares at 830,000 won per share.

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.

Young Poong and its supporting investors control a 33.13 percent stake, while Korea Zinc Chairman Choi Yun-beom and his supporters hold a 33.99 percent stake, according to industry sources.

Korea Zinc, meanwhile, released a separate statement calling for MBK and Young Poong to end their "hostile" tender offer that runs through Monday.

"If MBK truly considers the corporate value of Korea Zinc and the value of its shareholders, the company should resolve the market turmoil it has caused and legally end its hostile public takeover bid before Oct. 14," Korea Zinc said.

Korea Zinc shares closed at 776,000 won per share on Tuesday on the main bourse. The South Korean stock market was closed on Wednesday in observance of Hangeul Day, a national holiday celebrating the creation of the Korean alphabet.