Dongyang Life will proceed with the comprehensive stock exchange process with Woori Financial Group as scheduled.
On August 4, Dongyang Life held a board meeting and announced that it has approved the decision not to exercise the termination right related to the comprehensive stock exchange agreement with Woori Financial Group, proceeding according to the planned schedule.
Previously, the two companies signed a comprehensive stock exchange agreement in April, which included a condition allowing for contract termination if the buyback amount exceeded 200 billion won.
Although the final results of the stock buyback slightly exceeded 200 billion won, Dongyang Life decided not to exercise the termination right, considering that the clause was an option rather than a mandatory condition. The company aims to protect the rights of shareholders opposed to the stock exchange while minimizing uncertainty and confusion for shareholders who anticipated the exchange.
A Dongyang Life official stated, "The decision not to exercise the termination right prioritizes the protection of minority shareholders' interests and trust in the market. We will do our best to successfully complete the scheduled stock exchange process and enhance sustainable growth and value for all shareholders based on synergy with Woori Financial Group."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.