Most Popular
-
1
Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
-
2
Wealthy parents ditch Korean passports to get kids into international school
-
3
Man convicted after binge eating to avoid military service
-
4
First snow to fall in Seoul on Wednesday
-
5
Final push to forge UN treaty on plastic pollution set to begin in Busan
-
6
Korea to hold own memorial for forced labor victims, boycotting Japan’s
-
7
Nvidia CEO signals Samsung’s imminent shipment of AI chips
-
8
Job creation lowest on record among under-30s
-
9
NK troops disguised as 'indigenous' people in Far East for combat against Ukraine: report
-
10
Opposition leader awaits perjury trial ruling
Minority shareholders file suit against CJ HelloVision on delayed merger
By Korea HeraldPublished : May 23, 2016 - 14:34
Minority shareholders of CJ HelloVision, the nation’s largest cable TV operator, on Monday filed a lawsuit, demanding the company adjust the merger-swap ratio for its planned merger with SK Broadband, the IPTV unit of SK Telecom.
A total of 17 shareholders, holding a combined 33,111 shares, sued the company and CEO Kim Jin-seok on Monday.
A total of 17 shareholders, holding a combined 33,111 shares, sued the company and CEO Kim Jin-seok on Monday.
The lawsuit came after the merger plan, including the swap ratio of 0.476123 CJ share for each SK share, was approved by more than 97 percent of the CJ HelloVision shareholders in February.
But amid fierce resistance from rival companies within the industry, regulators have delayed to approve the plan. The first deadline was April 1.
“The merger-swap ratio was decided in favor of SK Broadband shareholders,” the minority shareholders claimed in their complaint. “Since the merger plan was announced, share prices (of CJ HelloVision) have surged. With the government approval being delayed, the ratio should be readjusted.”
By Lee Ji-yoon (jylee@heraldcorp.com)
-
Articles by Korea Herald
