2024-07-24 11:08:21
Amidst the ongoing controversy over whether the merger between Doosan Bobcat and Doosan Robotics, which is being promoted by Doosan Group, is infringing on the interests of minority shareholders, the Financial Supervisory Service has temporarily put the brakes on the merger between the two companies. It has requested a correction, citing problems in the securities report submitted by Doosan for the merger.
The Financial Supervisory Service announced that it had requested a correction report for the securities report on ‘comprehensive exchange and transfer of stocks’ submitted by Doosan Robotics on the 15th, immediately after the market closed. According to the current Capital Market Act, a correction report may be requested in the following cases: △ if the securities report form is not properly prepared; △ if there are false descriptions or indications regarding important matters in the securities report; △ if important matters are not described or indicated; and △ if the description and indication of important matters are unclear.
A Financial Supervisory Service official explained, “You can see this as an attempt to provide investors with more sufficient information (related to the Doosan Group restructuring).”
The financial investment industry believes that this move by the Financial Supervisory Service is not unrelated to the recent controversy over Doosan’s business restructuring. On the 11th of this month, Doosan Group announced a plan to transfer Doosan Bobcat, which has stable profitability, to a wholly owned subsidiary of Doosan Robotics. In doing so, it set the merger ratio of Doosan Bobcat and Doosan Robotics, which is in the red, at 1 to 0.63. This means that one share of Bobcat will be exchanged for 0.63 shares of Robotics. Doosan claims that it followed the current law that determines the merger ratio based on the stock price trends of the two listed companies, but the controversy continues among shareholders. This is because Bobcat shareholders will have to return their valuable shares and receive shares of the company in the red, and the number of shares they will receive will also be reduced.
Regarding Doosan’s report, Vice Chairman Chun Jun-beom of the Korea Corporate Governance Forum pointed out, “The fact that Doosan Robotics stocks are overvalued and have a high possibility of falling is a risk factor, but it was not properly notified.” He added, “In light of the market environment, objective information about the current stock price level should be provided.”
The previous report submitted by Doosan Robotics has become invalid as the Financial Supervisory Service has requested the submission of a correction report. If Doosan Robotics does not submit a correction report within three months, the report will be deemed withdrawn.
A Doosan Robotics official stated, “We do not expect the securities report to be withdrawn, and we will review and follow the official document (from the Financial Supervisory Service) when it arrives.”
Reporter Kang Woo-seok [email protected]
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2024-07-24 11:08:21