- Naver Financial and Dunamu extended the timetable for their comprehensive share swap to Dec. 31 after factoring in review procedures by relevant authorities.
- Once the share swap is completed, Naver Financial will become a wholly owned subsidiary of Dunamu, with an exchange ratio of 2.5422618 Dunamu shares for each Naver Financial share and a buyback right price of 172,780 won per share.
- Naver said it plans to pursue a stock-market listing for Naver Financial as soon as possible after the share swap is completed and to form an initial public offering (IPO) committee within a year.
Forecast Trend Report by Period
Naver Financial and Dunamu have extended the timeline for their comprehensive share swap to the end of this year, as the companies factor in reviews by relevant authorities.
Citing a revised regulatory filing by Naver on July 6, Digital Times reported that the planned date for the share swap involving its subsidiary Naver Financial was changed to Dec. 31 from Sept. 30.
The shareholder meeting was also postponed to Nov. 19 from Aug. 18.
The two companies are cooperating with the review process, submitting required materials and explaining the purpose and necessity of the transaction, the report said. The review is taking longer because the deal would combine Naver Financial with Dunamu, the operator of South Korea’s largest virtual-asset exchange, requiring authorities to weigh multiple factors.
Once the share swap is completed, Naver Financial will become a wholly owned subsidiary of Dunamu. The exchange ratio is 2.5422618 shares of Dunamu common stock for each share of Naver Financial common stock. The planned buyback price for dissenting shareholders is 172,780 won per Naver Financial share.
Even after the share swap, Naver Financial will remain a consolidated subsidiary of Naver. Naver plans to secure voting rights in Naver Financial through an agreement among investors, according to the report.
Naver also plans to pursue a stock-market listing for Naver Financial as soon as possible after the share swap is completed and to form an initial public offering committee within a year, the report said.