Align Partners "Welcome Doosan Enerbility's Withdrawal of Split-Merger"

Welcome to Doosan Enerbility's Withdrawal of the Split-Merger Plan
"Additional Measures Needed for Board Independence and Credibility"

Align Partners welcomed Doosan Enerbility's board of directors' decision on the 10th to hold an extraordinary board meeting and withdraw the plan for a spin-off merger transferring 46% of Doosan Bobcat shares to Doosan Robotics.

Lee Chang-hwan, CEO of Align Partners, positively evaluated the board's decision, stating, "This is the result reflecting the concerns of many shareholders and proxy advisory firms who pointed out conflicts of interest among shareholders and the unfavorable spin-off merger ratio for Doosan Enerbility shareholders."

Doosan Enerbility announced that after this withdrawal, it will carefully consider various measures to secure additional funds and accelerate growth. Regarding this, CEO Lee emphasized, "If securing investment funds is necessary, it must be done in a way that does not involve conflicts of interest among shareholders." He stressed that if they wish to dispose of the controlling stake in Doosan Bobcat, fairness should be ensured through a public competitive bidding process, and even if they do not dispose of it, additional cash should be secured through special dividends and normalization of shareholder return rates.

CEO Lee also stated that shareholders might have questioned the independence and reliability of Doosan Enerbility's board of directors due to this incident, and insisted that board-level measures are needed to restore trust in the capital market. He said that the audit committee should review the problems in the decision-making process of this spin-off merger and announce measures to guarantee the board's independence.

Align Partners will monitor the actions of Doosan Enerbility's board of directors and plans to actively voice its opinions as a shareholder if necessary.

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