Hahn & Co may take legal action as Namyang owner delays sale process Namyang postpones extraordinary shareholders' meeting to September
Translated by Kim So-in 공개 2021-08-03 08:07:39
이 기사는 2021년 08월 03일 08:03 thebell 에 표출된 기사입니다.
South Korean buyout firm Hahn & Co, a proposed buyer of a controlling stake in Namyang Dairy Products, may take a legal action against Namyang ex-chairman Hong Won-sik as the company delayed the process for the contract.This comes as Namyang said in its regulatory filing that the company postponed its extraordinary shareholders’ meeting scheduled for July 30 to September 14. Hahn & Co immediately expressed regret over the seller for the unilateral decision. It said that was an obvious violation of the contract and it will consider all measures including legal action.
Hahn & Co and Namyang reportedly set the performance guarantee higher than usual during their negotiations, according to industry sources. It is said that Hong requested a larger amount of performance guarantee to prevent Hahn & Co from pulling out of the deal.
A 5-10% of a transaction price is normally paid as a penalty if one cancels a deal after an agreement. In May, Hong and the owner family agreed to sell a controlling 53% stake in the company to Hahn & Co at 310.7 billion won ($270.3 million). Assuming the two sides had agreed to pay 10% as a penalty, the sellers have to pay 31 billion won.
Hahn & Co, however, is unlikely to just drop the acqusition after receiving a penalty of only tens of billions of won.
It is widely believed that the PE firm will put utmost efforts to close the deal because the cancellation of the deal will damage its reputation.
“(If the deal fell through) overseas institutional investors of Hahn & Co’s fund could review whether there were any problems during the transaction process and negotiations with Namyang,” said a source from the private equity industry.
Some market insiders said that Hahn & Co may file a lawsuit for damages due to a delay in the transaction apart from a lawsuit for violation of the transaction contract.
The PE firm’s possible a lawsuit against the owner family of Namyang is expected to lead to a fierce competition among legal advisors to win a role to represent the two sides. In the Namyang deal, Kim & Chang has provided both the owner family and Hahn & Co with legal advice. (Reporting by Gyoung-tae Kim)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- [한미 오너가 분쟁]새 경영진 임종윤·종훈 형제의 일성 "네버 어게인"
- JB금융, 얼라인에 판정승…이사회 2석만 내주며 선방
- [Company Watch]'TGV 첫 양산' 필옵틱스, 글라스 패키지 시장 선점
- 폴라리스오피스, 한국 AI PC 얼라이언스 참여
- 이에이트, 생성형 AI 접목 '스마트 팩토리 솔루션' 공개
- 일반석서 주총 관람한 한채양 이마트 대표, ‘책임경영’ 의지 피력
- AI매틱스-한국교통안전공단, AI 기반 버스 사고 예방 MOU
- [한미 오너가 분쟁]'임종윤·종훈' 형제의 승리, OCI-한미 통합 결렬
- 휴온스 이사회 입성한 오너3세, 경영 참여는 'NO'
- 필옵틱스, 업계 첫 TGV 양산 장비 공급