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Hahn & Company will be taking over Namyang Dairy Products after acquiring a controlling stake worth ₩310.7 billion or around $278.2 million. This information was revealed on Thursday, May 27.
The company put up stakes for sale
Hahn & Company, the South Korean private equity investment firm specializing in buyouts and corporate restructurings, will be buying the combined 378,938 common shares that are owned by the company’s former chairman, Hong Won Sik, his wife, and his grandson. The Korea Herald reported that Namyang Dairy Product’s board agreed to put these stakes up for sale.
The acquisition of the Namyang stakes came to light through the disclosure that was filed to the Financial Supervisory Service. It was further stated in the filing that although most of the family members in the Hong clan have already stepped down from the company’s high positions, Hong Won Sik’s brother, Hong Myeong Sik, will remain a minority shareholder.
It was estimated that the purchase price is ₩820,000 per share, which is nearly double that of the closing price on May 27, which was ₩439,000. The sale comes after Namyang Dairy Products was hit with a series of scandals, and the latest was about its false claim that its Bulgaris yogurt product can help prevent COVID-19. The company was heavily criticized, and this led to the resignation of its chairman earlier this month.
Namyang and Hahn & Company’s purchase agreement
As mentioned in The Korea Economic Daily, Hahn & Company acquired a controlling stake amounting to $278.2 million, and this is said to be equivalent to 53% of the company’s shares.
While Namyang Dairy and Hahn & Co. already signed the purchase deal on Thursday, the transaction is not over yet. The deal is set to close on Aug. 31.
It was said that once it takes over, Hahn & Company will focus on making the beleaguered company’s corporate governance better. It is also aiming to strip Namyang’s board of directors’ authority to make decisions on matters involving company affairs.
“This marks our continued belief in the attractiveness of the Korea market despite headwinds presented by the current pandemic,” Scott Sang Won Hahn, the private equity firm’s chief executive officer, said in a statement. “Namyang is a franchise consumer brand in Korea with compelling opportunities to further expand and strengthen its brand.”
