US proxy advisor Glass Lewis on Monday, May 14, recommended shareholders reject Hyundai Mobis proposed spin-off merger plan, citing “questionable business logic” and “inadequate valuation,” reported Bloomberg.
The criticisms are a setback for the group’s heir apparent, Vice Chairman Euisun Chung, as he prepares for Korea’s biggest proxy fight since Samsung Group narrowly defeated billionaire Paul Singer’s Elliott by muscling through a controversial merger of two units nearly three years ago.
Should the Hyundai deal, which requires a two-thirds majority to pass in a vote scheduled on May 29, be blocked, it would mark a landmark victory for foreign activist investors in a country where all such campaigns have failed.
Full Content: Bloomberg
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Federal Antitrust Trial Explores Potential Impact of Tapestry-Capri Merger
Sep 12, 2024 by
CPI
Australia Targets Big Tech with New Fines for Misinformation
Sep 12, 2024 by
CPI
Mastercard to Acquire Cybersecurity Firm Recorded Future for $2.65 Billion
Sep 12, 2024 by
CPI
Ireland Prime Minister: Apple’s €13 Billion Payment Could Fund Housing and Capital Projects
Sep 12, 2024 by
CPI
Regulators Probe Swisscom’s $8.8 Billion Vodafone Italia Deal
Sep 12, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Canada & Mexico
Sep 3, 2024 by
CPI
Competitive Convergence: Mexico’s 30-Year Quest for Antitrust Parity with its Northern Neighbor
Sep 3, 2024 by
Francisco Javier Núñez Melgoza
Competition and Digital Markets in North America: A Comparative Study of Antitrust Investigations in Mexico and the United States
Sep 3, 2024 by
Julio Garcia
Recent Antitrust Development in Mexico: COFECE’s Preliminary Report on Amazon and Mercado Libre
Sep 3, 2024 by
Alejandra Palacios Prieto
The Cost of Making COFECE Disappear
Sep 3, 2024 by
Mateo Fernández