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Namyang Dairy Product's chairman and largest shareholder, Hong Won Sik, has been barred by the court from voting at the upcoming general meeting. This happened after the court granted Hahn & Co.'s injunction request to cancel the chief's voting rights.
Hahn & Co. is the buyer of Namyang Dairy Products, but the acquisition agreement has been delayed by Hong Won Sik, who appears to be regretting the sale. The court sided with the Seoul-based private equity investment firm after determining that the purchase agreement between the companies is valid despite the latter's claim that it is void for some reasons.
According to The Korea Herald, the ruling just shows that Namyang's chairman and his family were not able to present proof that Hahn & Co. violated a non-disclosure agreement, showed behavior that marred the thrust of the involved parties, or unlawfully intervened in the management.
The PEF company was accused of these offenses in an attempt to stop the sale and find another buyer. However, as stated, the other party could not show any valid evidence. In the ruling, it was mentioned that Hong and his family were the ones who did not stick to the terms of the deal, so their chance to demand the cancellation of the deal is very slim to no chance at all.
Now Hong will not be able to vote at the general shareholders meeting that was set for Oct. 29 as the Seoul Central District Court ordered Namyang Dairy to obey the injunction that revoked the chairman and his family's voting rights. The meeting was for naming four new board members, and it is expected to include an executive from Hanh & Co.
The Korea Economic Daily reported the court verdict that was handed down on Wednesday, Oct. 27, was issued as Hong Won Sik scrapped the ₩310.7 billion or $270 million agreement to sell a majority of his company to Hahn & Co following a series of delays for the transfer of controlling stake.
"It was confirmed their share purchase agreement (SPA) was closed as of 10 a.m. on July 30, and Chairman Hong's notification of the termination of the agreement is invalid," part of the ruling reads. "In addition, the SPA was aimed at allowing Hahn & Co to secure management rights of Namyang Dairy and Chairman Hong should be stopped from taking any action against it."
