The first round of the power struggle over the world’s largest zinc smelter, Korea Zinc, has wrapped up without a solid winner, the results of a tender offer launched by the company's management showed Monday. The dispute is expected to continue as both sides have failed to secure a majority stake in the company.

The current management of Korea Zinc, represented by Chairman Choi Yun-beom, secured an additional 2.33 million shares in the company through a tender offer that closed Wednesday, according to a company regulatory filing. The acquired shares translate to an additional stake of 11.26 percent.

Korea Zinc acquired a 9.85 percent share in the company through a treasury share buyback, while its financial ally Bain Capital obtained 1.41 percent.

While Korea Zinc and Bain Capital initially aimed to acquire up to a 20 percent stake in the company through the tender offer lodged at the price of 890,000 won ($643) per share, 60,000 won higher than the offer made by MBK-Young Poong, the target was not met.

As treasury shares acquired by Korea Zinc are to be canceled, as previously disclosed, only the 1.41 percent obtained by Bain Capital can be counted as a stake in favor of Choi.

Including the 1.41 percent, the stakes owned by Choi and companies considered his allies add up to 35.4 percent, a figure surpassed by the MBK Partners and Young Poong alliance.

The MBK Partners and Young Poong coalition has secured a total stake of 38.47 percent in the company, racking up an extra 5.34 percent through a separate tender offer that closed earlier this month.

With the differential remaining at around 3 percent, both sides are likely to up the ante for a proxy battle by securing allies and acquiring additional shares through floor trading.

The skyrocketing stock price of Korea Zinc remains a variable. Korea Zinc stocks closed at 1.3 million won on Monday, marking a sharp surge from where they stood at around 800,000 won earlier this month. The price is expected to continue to fluctuate as the competition stretches out.

MBK-Young Poong, having taken a slight lead in the tender offer competition, called for an extraordinary shareholders meeting on Monday. The alliance plans to appoint 14 new board members for Korea Zinc at the meeting.

"The existing board has lost its function as an independent supervisor of the company. We plan to appoint new board members who can represent all types of shareholders," a statement released by the private equity giant on Monday read.

But though MBK-Young Poong has requested the meeting, the board can decide whether to hold the meeting or not. Given that 12 out of 13 Korea Zinc board members are considered allies of Choi, MBK-Young Poong would have to take legal action to convene the meeting.

Korea Zinc claimed MBK-Young Poong's suggestion would lead to a "deformed board." It also blamed the coalition for the lower-than-expected results of its tender offer, citing the possibility of price manipulation and illegal transactions.

With the tender offer wrapped up, it plans to pick up the pace in pursuing legal action against the MBK-Young Poong alliance.