Ourhome Management Rights Dispute Rekindled... Kubonseong's Share Sale Process Officially Underway

[Asia Economy Reporter Song Seung-yoon] The dispute over the management rights of Ourhome is intensifying. The side of former Vice Chairman Gu Bon-seong has begun the formal process of selling shares, distributing teaser letters to potential investors.

According to industry sources on the 30th, Ladepangseu Partners, the advisory firm for the sale of Ourhome shares held by former Vice Chairman Gu, started distributing teaser letters containing information about the combined 58.62% stake held by former Vice Chairman Gu and shareholder Gu Mi-hyun the day before.

The teaser letter includes data on Ourhome’s market position, business performance, logistics and research and development capabilities, as well as achievements in overseas group catering and Home Meal Replacement (HMR) businesses.

Ladepangseu Partners stated, "After seller due diligence, we will promptly proceed with related procedures such as distributing investment prospectuses and bidding, plan to receive preliminary bids in August, and select the final successful bidder by the end of September." They added, "This teaser letter was distributed to domestic and global investors, and additional distribution will be made to verified investors by the preliminary bidding stage."

They continued, "Many investors have shown interest in the sale item, so it is necessary to provide equal information and bidding opportunities. We had planned to send an investment prospectus containing detailed information through corporate due diligence, but since the company did not cooperate with the due diligence, we first organized the materials in the form of a teaser letter containing key information that can be obtained externally," they added.

Ourhome’s founder, former Chairman Gu Ja-hak’s one son and three daughters hold more than 98% of the total shares. Former Vice Chairman Gu holds 38.6% of the shares, and the three sisters Mi-hyun, Myung-jin, and Ji-eun hold a combined 59.6%. Former Vice Chairman Gu was ousted and dismissed in June last year during a management rights dispute. Since then, he announced his intention to sell all his shares and withdraw from management.

At that time, the three sisters united to push out former Vice Chairman Gu, and current CEO Gu Ji-eun was appointed as the sole representative director. However, the management rights dispute reignited as former Vice Chairman Gu and eldest daughter Mi-hyun began joint share sales. After announcing the joint share sale plan on the 13th of this month, former Vice Chairman Gu requested the convening of an extraordinary general meeting on the 25th to appoint 48 new directors at Ourhome.

Former Vice Chairman Gu explained that he requested the extraordinary general meeting to form a neutral management team for the share sale, but Ourhome criticized it as an "unjustified attempt to return to management."

This content was produced with the assistance of AI translation services.