[Featured Stock] Eoflow Rises on News of Acquisition by US Medtronic

On the 26th, Eoflow's stock price showed strong performance. Following news that the US company Medtronic is acquiring it, the stock has risen by over 14% since the market opened.

As of 9:18 AM on the same day, Eoflow was trading at 28,600 KRW, up 14.17% compared to the previous trading day. Early in the session, it surged to 29,150 KRW.

The day before, Medtronic announced on the 25th (local time) that it had signed a final agreement regarding the acquisition of Eoflow. The total acquisition price is 971 billion KRW (approximately 738 million USD), and Medtronic stated that it would acquire all of Eoflow's listed shares at 30,000 KRW per share and delist Eoflow.

Medtronic said, "It will cost about 971 billion KRW to secure 100% of the shares through a public tender offer," and added, "The acquisition is expected to be completed in the second half of 2023."

Meanwhile, on the same day, Eoflow disclosed that its largest shareholder, CEO Lee Jae-jin, signed a contract to sell 5,640,680 shares (18.58%) at 30,000 KRW per share to Medtronics Korea Holdings. The total sale amount is 169.2 billion KRW. Medtronics Korea also plans to participate in a paid-in capital increase worth 314.9 billion KRW to acquire 12,927,615 shares of Eoflow. If the total shares acquired through the capital increase, public tender offer, and from the largest shareholder exceed 22,951,902 shares, all transactions will be completed simultaneously.

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