[Click e-Stock] "Naver Financial-Dunamu Merger: Exchange Ratio Meets Market Expectations"

Shinyoung Securities analyzed on November 27 that the stock swap ratio for the merger between Naver Financial and Dunamu is in line with market expectations.

Naver will make Dunamu, Korea's first virtual asset operator, a wholly owned subsidiary through its subsidiary Naver Financial. Naver currently holds a 69% stake in Naver Financial, and this decision serves as an official response to the rumors that spread through inquiry disclosures in September and October.

The exchange price has been set at 172,780 won per share for Naver Financial and 439,252 won per share for Dunamu, resulting in an exchange ratio of approximately 1 to 2.5423. The calculated corporate value stands at 15.1285 trillion won for Dunamu and 4.94 trillion won for Naver Financial.

Seo Jeongyeon, a researcher at Shinyoung Securities, stated, "The fact that dissenting shareholders can exercise their appraisal rights in May next year is a variable," adding, "In particular, if the size of the appraisal rights for each company exceeds 1.2 trillion won, there remains the possibility of renegotiating the merger terms or terminating the contract." For Naver Financial, 1.2 trillion won corresponds to about a 24% stake.

Dunamu is the market leader in Korea's virtual asset exchange sector and ranks fourth globally, based on services such as Upbit, Securities Plus, and Upbit NFT. Seo emphasized, "The merger of these two companies is highly significant, as it opens up opportunities to secure new growth drivers both domestically and internationally as a powerhouse in the digital finance industry, especially in conjunction with advancements in AI technology competitiveness."

However, additional confirmation is needed regarding the possibility and timing of the new entity's listing after the merger, its growth strategy, and whether consolidated accounting standards will be applied. Seo commented, "Naver's shareholders inevitably have to compare the attractiveness between the two entities (Naver and the post-merger corporation)," and assessed, "In terms of Dunamu's business expansion, the merger of a 5 trillion won company and a 15 trillion won company creates a 20 trillion won entity with even greater potential."

Meanwhile, Naver is expected to unveil more detailed strategies and integration synergy plans at a briefing scheduled for November 27.

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