Hanssem's Second Largest Shareholder Faces 'Block' on Sale... Injunction Filed in Court
[Asia Economy Reporter Lim Chun-han] IMM Private Equity, a private equity fund management company, has decided to acquire Hanssem by establishing a management participation-type private equity fund (PEF). Meanwhile, Teton Capital Partners, the second largest shareholder of Hanssem, a US-based hedge fund, has filed an injunction to block this.
According to the Financial Supervisory Service's electronic disclosure system on the 10th, Hanssem disclosed that Teton Capital Partners, the second largest shareholder of Hanssem, filed an injunction with the Ansan branch of the Suwon District Court against Honorary Chairman Cho Chang-geol and five inside directors.
Teton Capital Partners requested, "Please prohibit any acts of cooperation in corporate due diligence to determine permits, assets, intellectual property rights, major contracts, and sale condition prices."
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On the same day, Lotte Shopping announced that it has been confirmed to participate as a single strategic investor by investing 299.5 billion KRW in the PEF established by IMM Private Equity for the acquisition of Hanssem. However, the unexpected legal opposition from the second largest shareholder has created obstacles for the acquisition of Hanssem. Regarding this, Hanssem stated, "The board of directors will respond according to legal procedures concerning the injunction application."
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