Celltrion merger plan approved by shareholders
简介Korean biosimilar giant Celltrion and its marketing unit Celltrion Healthcare received shareholders’ ...
Korean biosimilar giant Celltrion and its marketing unit Celltrion Healthcare received shareholders’ approval for their merger on Monday, paving the way for the launch of an integrated company planned for December.
During the extraordinary general shareholders meetings separately held by the two companies in Incheon, Celltrion won with 97.04 percent of attendees voting in favor of the merger, while 95.17 percent of Celltrion Healthcare shareholder attendees agreed with the plan.
Under the scheme, Celltrion will absorb the sales unit, exchanging Celltrion Healthcare’s shares for every 0.4492620 Celltrion shares.
With the merger approved, shareholders who dissent to the merger can exercise their appraisal rights to demand Celltrion purchase their shares from Monday until Nov. 13.
The appraisal right exercise prices for Celltrion and Celltrion Healthcare are 150,813 won ($111) and 67,251 won, respectively. The two companies aim to wrap up the tie-up on Dec. 28.
Celltrion Group's founder and Honorary Chairman Seo Jung-jin showed confidence in making the merger successful after gaining shareholders' backing. “With this, the uncertainty of the merger has disappeared,” he said after the proposal was approved.
Prior to the shareholders meeting, Celltrion encountered an unexpected obstacle due to the abstention of the National Pension Service, the second-largest shareholder of the firm. The National Pension Service, which holds a 7.43 percent stake in Celltrion, effectively voted against the merger plan in order to exercise its stock purchase rights. The stock purchase rights standard price of 150,813 won was higher than the previous day's closing price, which was 142,200 won, so it was interpreted as a decision to prevent losses.
If the National Pension Service exercises its stock purchase rights for the entire stake it owns in Celltrion, Celltrion will be required to pay over 1.64 trillion won.
Celltrion's board of directors has set the limit for the total amount that the company is to pay for those exercising the appraisal rights at 1 trillion won.
However, after the merger was approved, Seo said the threshold won’t be a hindrance.
“If the total amount for the money for appraisal exceeds 1 trillion won, I will invest and push through it unconditionally, even if it means taking on debt,” he said. “After the general shareholders meeting, I will meet the board of directors and persuade them.”
In August, Celltrion announced its plan to integrate the group's three listed firms -- Celltrion, Celltrion Healthcare, and Celltrion Pharm -- to enhance business synergy and operational efficiency.
Under the plan, if the merger process between Celltrion and Celltrion Healthcare is complete within the year, a second-stage merger with Celltrion Pharm will be carried out within the next six months.
Shares in Celltrion shed 0.28 percent from Friday's closing, while Celltrion Healthcare shares dropped 0.31 percent as of 1:30 p.m Monday.
A 66-year-old taxi driver whose passenger jumped out of his moving taxi and was then killed after be ...
차준홍 기자최근 북한이 러시아에 보낸 1000개 이상의 컨테이너에 실린 무기가 포탄으로 가정할 경우 수십만 발에 해당하는 규모라고 16일 국방부가 밝혔다. 장기간 전쟁을 수행 중인 ...
One suspect from a Tajik duo, who allegedly robbed a money exchange store in Pyeongtaek, Gyeonggi Pr ...
- Court clears cabbie in death of passenger who jumped out of moving taxi
- 北, 러시아 외무장관 방북 발표…내달 18~19일 방문
- 이준석, 눈물의 회견…尹대통령 향해 "與 묵언 수행 저주 풀라"
- Jeonse scams cause W510b in losses, with less than 25% recovered: lawmaker
- Yoon orders increased defense of public digital infrastructure
- 北, 日의 장거리미사일 조기 배치 추진에 “전쟁국가 일본 실체”
China’s AliExpress eyes expansion in Korea
Welcome Daehakro Festival lights up Seoul's stage hub
Yoon, doctors set to clash over medical school quota
MBK chairman makes donation to promote Korean art at New York's Met
BTS gets 6th top honor at 2023 MAMA Awards
[Korea Beyond Korea] In Paris, soaring demand for Korean studies yet to be fully met
- Yoon set to depart for San Francisco to attend APEC summit
- Seoul shares open higher on Wall Street gains
- [Herald Interview] ‘Daily Dose of Sunshine’ director, actor say drama consoled them
- Posco vows to foster startups, regional economies
- FNC's new boy group Ampers&One debuts with energetic, youthful single
- Samsung Bioepis to develop MSD's Keytruda biosimilar
- Finance minister calls for reenactment of corporate restructuring act
- National Changgeuk Company's endeavor to foster pansori composers continues
- Shanghai art scene puts on fair show while struggling to recover from pandemic
- Seoul shares open higher on Wall Street gains
- 합의문도 없는 희한한 북·러 정상회담…결국 비즈니스 관계였나
- Incheon Airport passenger traffic to recover during Chuseok holiday
- 한동훈, 체포안 설명 8분 넘기자…“짧게 합시다” “왜 이리 시끄럽냐”
- "KTX 꼭 타보고 싶다" 했던 김정은 "만족한 합의"…뭐길래
- 야당 29명 반란, 이재명 방탄 뚫렸다
- [이번 주 리뷰]美 Fed 기준금리 동결…이재명 체포동의안 가결(18~23일)
- FSS issues advisories to fisheries cooperatives federation for W50b investment loss
- S. Korea set to open largest
- Seoul subway on verge of strike
- Hyundai Rotem to showcase new ground weapons systems at Seoul expo
- Beef prices have soared 100
- [Today’s K
- Hyundai Motor shows off air mobility, drone tech at Seoul defense fair
- 'Apgujeong Box Girl' sparks online debate
- Hamas weapons, tactics resemble those of NK: JCS
- GOT7’s Youngjae to release 1st solo LP “Do It” next month
- S.Korea's largest
- 윤 대통령 “국민소통·현장소통·당정소통 강화하라”
- Cast of ‘Norma’ says opera difficult to sing but easy to enjoy
- SC Bank Korea CEO nominated for fourth term