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Biz News Korea(Eng)
Eugene Group’s hostile takeover attempt of Tongyang fails
- Collected
- 2016.03.31
- Distributed
- 2016.04.01
- Source
- Go Direct
Eugene and local private equity firm (PEF) Pine Tree Investment Management Co. that wanted to field separate members for Tongyang’s board proposed to increase the number of board members to 15 and 16 from the current 10, respectively, at Tongyang shareholders’ meeting on Wednesday, but each proposal was rejected. Both fell short of the required number of shares for a special resolution, over one-third of the total number of issued stocks and two-thirds of present shares in the shareholders ’ meeting.
Eugene (10.01 percent) and Pine Tree (10.03) joined hands to exercise their voting rights and won a combined 88 million shares in their favor, more than one-third of total issued shares, but less than two-thirds of total shares in the meeting. They were required to have 150 million shares among 157 million shares present at the meeting, which accounted for 66 percent of total issued stocks, to win.
An official at Eugene said he thought their stake would be enough to pass the special resolution, but more than expected number of shareholders attended the meeting, voting against them.
The company is expected to gear up again to acquire Tongyang by buying more shares. Choi Jong-sung, CEO of Eugene Corp. said that Eugene and Tongyang will create synergy together that could accelerate the growth of both companies.
By Chun Gyung-woon
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