Buyout firm Hahn & Co. is considering legal action against Namyang Dairy's ex-Chairman Hong Won-sik for delaying the 310.7 billion won buyout without consent.
Namyang Dairy rescheduled the extraordinary shareholders meeting scheduled Friday morning to early September to have more time to contemplate the deal.
Hahn & Co., the second-largest Seoul-based private equity firm, expressed regret over Hong and other proposed sellers for their “unilateral” decision on the takeover attempt.
The equity firm said that Hong and two other proposed sellers owning a combined 52.6 percent stake had notified it of the delay just on Friday, without reasonable grounds.
Hahn & Co. alleged that Namyang Dairy is committing an apparent breach of stake sales and purchase contract and will consider all available options, including legal actions.
The contract had mandated the two parties close the deal by no later than Aug. 31.
Hahn & Co. had completed all proceedings, including antitrust approval and cash mobilization, before Friday.
Hong, the largest shareholder of Korea‘s No. 1 dairy maker, stepped down as chairman as he vowed to end his family’s dynastic control in May.
Namyang Dairy was under fire for falsely claiming its yogurt products’ efficacy in the treatment of COVID-19 that fluctuated its stock price.
The company was also accused of defaming domestic rivals and dumping leftover inventory to sales agents.


Trump’s Inflation Claims Clash With Voters’ Cost-of-Living Reality
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns
Australian Pension Funds Boost Currency Hedging as Aussie Dollar Strengthens
Oil Prices Slip as U.S.-Iran Talks Ease Middle East Tensions
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal
India–U.S. Interim Trade Pact Cuts Auto Tariffs but Leaves Tesla Out
Russian Stocks End Mixed as MOEX Index Closes Flat Amid Commodity Strength
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices
Nikkei 225 Hits Record High Above 56,000 After Japan Election Boosts Market Confidence
Supreme Court Signals Doubts Over Trump’s Bid to Fire Fed Governor Lisa Cook
Federal Judge Blocks Trump Administration Move to End TPS for Haitian Immigrants
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom
Norway Opens Corruption Probe Into Former PM and Nobel Committee Chair Thorbjoern Jagland Over Epstein Links
Federal Judge Restores Funding for Gateway Rail Tunnel Project
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record
U.S. Lawmakers to Review Unredacted Jeffrey Epstein DOJ Files Starting Monday
Australian Household Spending Dips in December as RBA Tightens Policy 



