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South Korea: ISS Joins opposition to $8 billion Samsung merger

By  |  July 5, 2015

Proxy advisor Institutional Shareholder Services is recommending that investors reject Samsung Group’s proposed $8 billion merger of two units when the deal comes to a shareholder vote on July 17, Bloomberg reports.

ISS joins Glass Lewis, another advisory firm, in opposing the merger and siding with activist investor Paul Elliott Singer’s campaign to block the deal on grounds that it would hurt minority shareholders.

Under the terms of the all-stock deal, Samsung Group’s Cheil Industries would buy out Samsung C&T. The deal is being pushed by Samsung’s Lee family, which has a 20% stake in C&T and is trying to consolidate control over its conglomerate before 47-year-old Lee Jae Yong, the founder’s grandson, takes over.

Full content: Bloomberg

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