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LG Group emphasized that its planned spin-off of affiliates would benefit stockholders amid criticisms it could undermine shareholder value.
The response was made after US-based hedge fund Whitebox sent a letter to its board of directors to urge the conglomerate to cease the planned affiliate spin-off.
Whitebox claimed that LG's decision to spin off affiliates in a new holding company prioritizes family over minority shareholders as it was done to allow a member of the founding family to start his own business rather than to create shareholder value.
Whitebox holds a 1 percent stake in LG Corp.
According to LG, it believes its shareholder value will improve since it can focus on its key businesses, including telecommunications, electronics, and chemicals.
Last month, LG Group, South Korea's fourth-largest conglomerate, decided to set up another holding company to prepare for a spin-off.
The new holding firm will have LG Hausys Ltd., LG International Corp., LG MMA Corp., and Silicon Works Co. under its umbrella.
It will be managed by the board of directors led by Koo Bon-joon, a younger brother of late LG Group chief Koo Bon-moo and uncle of current LG Group Chairman Koo Kwang-mo.
The move was is perceived as an initial step for Bon-joon to establish his business group.
If the spin-off plan at its shareholders' meeting in March 2021 is approved, the conglomerate will begin operating with two holding companies in May 2021, before Bon-joon splits his companies from the group.
