Though the tender offer bid for Korea Zinc lodged by the alliance of MBK Partners and Young Poong wrapped up on Monday, the power struggle over the world's largest zinc smelter is likely to evolve into a prolonged proxy fight, stretching out until the next shareholder's meeting.

The offer for Korea Zinc from the coalition of MBK Partners and Young Poong ended Monday, a month after its launch on Sept. 13. The offer aimed to secure up to a 14.61 percent stake in the company at a price of 830,000 won ($617) per share.

The alliance’s separate tender offer for Korea Zinc’s key affiliate Young Poong Precision, set at 30,000 won per share, also wrapped up. Young Poong Precision is considered a key stakeholder in the dispute, holding a 1.85 percent stake in Korea Zinc.

With the campaigns launched by MBK and Young Poong having come to an end, eyes are on the offers made by Korea Zinc's current management, led by Chairman Choi Yun-beom.

Korea Zinc, joined by big-name private money Bain Capital, suggested 890,000 won per share in an offer to purchase up to 20 percent of its shares -- 60,000 won higher than the price offered by its rivals.

Its offer for Young Poong Precision is 35,000 won per share, 5,000 won higher than its rivals' as well. The offers for Korea Zinc and its affiliate are to end on Oct. 23 and Oct. 21, respectively.

Yet, of the potential 20-percent stake sought by Bain Capital, only a 2.5 percent stake would come with voting rights as the other 17.5 percent is in treasury stocks.

If the ongoing competition for a stake in Korea Zinc does not yield a tangible result, according to some market analysts, the dispute will likely evolve into a proxy fight and stretch out until March, when the Korea Zinc shareholders' meeting is slated to take place. Or, the involved parties could hold an extraordinary shareholders' meeting in the meantime.

Meanwhile, both parties denied a news report that claimed they met up for arbitration on Saturday.

"Young Poong Adviser Chang Hyung-jin, MBK Partners Vice Chairman Kim Kwang-il and Korea Zinc Chairman Choi Yun-beom did not gather to negotiate," a statement issued by Korea Zinc read.

A news report surfaced Sunday, suggesting top executives of the entities involved in the conflict met with each other under the arbitration of a high-ranking public official, but were not able to reach an agreement.

With tensions rising in the power struggle, shares of Korea Zinc were traded at 816,000 won as of 1:30 p.m. Monday, up 22,000 won or 2.77 percent from the previous day. Young Poong Precision's stock price stood at 31,150 won, marking a 1,950 won or 6.68 percent gain.