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Namyang Dairy has been in a legal battle with Hahn & Company, a private equity investment firm specializing in buyouts and corporate restructurings in South Korea. They end up in court as the former seemed to have been trying to sell a controlling stake to Dayou Winia Group when it already has a deal with the latter.
This week, the PEF company scored a big win when the Seoul Central District Court blocked Namyang Dairy from pursuing a stake sale deal with another company. The court granted an injunction to Hahn & Company to stop the troubled dairy firm from executing a side deal with another group.
According to The Korea Herald, the court handed an order for Namyang Dairy to break off all ties it has with Dayou Winia Group. The ruling was made as the company made an attempt to transfer the majority stake to the home electronics conglomerate in November 2021.
The deal is not favorable to investor Hahn & Co. as Namyang was trying to hand key positions in the company to Dayou representatives. The PEF firm sees this move as a possible violation of its exclusive rights to engage in the deal.
Namyang Dairy argued that it was misled by legal representatives at the time of the initial negotiations with Hahn & Co., but the court rejected this justification for its action to make a deal with Dayou Winia. This is the third time that the court has sided with the PEF company in a series of legal battles.
“Such business exchange between the two companies is highly unusual in light of the standing deal with Hahn & Co.” the court stated in its latest ruling. “It could lead to Dayou in possession of classified information, such as trade secrets, involving Namyang Dairy Products.”
Finally, Pulse News reported that with the court’s decision and order, Namyang Dairy is no longer allowed to proceed with its negotiations with Dayou Winia Group. Both camps are prohibited to continue with whatever deal they may have previously agreed upon. The dairy firm and employees are also not allowed to provide data and information about the company, and Dayou cannot, in any way, be involved in Namyang’s management.
