Last checked at 17 Sep 2010 09:33
Merger between Samsung Electronics and Samsung Gwangju Electronics
On September 17, 2010, the BOD of Samsung Electronics announced it is seeking to merge with Samsung Gwangju Electronics Co., Ltd. as part of a measure to improve the management efficiency and manufacturing competitiveness of the home appliance business.
The merger, expected to be signed on October 29, 2010, will go into effect from January 4, 2011, once the transaction is approved at the shareholders meeting of Samsung Gwangju Electronics.
Under the agreement, Samsung Gwangju Electronics will be absorbed into Samsung Electronics, as a business unit responsible for manufacturing appliances. The merger ratio of the two companies is 1:0.0252536 (Samsung Electronics: Samsung Gwangju Electronics).
The merger is intended to enhance shareholder value by maximizing the management efficiency and manufacturing competitiveness of the home appliances business.
※ On September 17, 2010, the BOD of Samsung Electronics decided on the book closure period and the record date for the merger between Samsung Electronics and Samsung Gwangju Electronics. The book closure aims to determine the list of shareholders entitled to exercise the right to dissent.
▫ Details
Book closure period: Between October 14 and October 27, 2010
Record date: October 13, 2010