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Namyang Dairy must hand over a controlling stake of the company to Hahn & Co. private equity firm and this was ordered by the court. On Thursday, Feb.9, the appellate court said the dairy product maker must act in accordance with the contract they signed in 2021 regarding the sale of stake.
The court said the contract is binding and must be adhered to. This decision was handed by the Seoul High Court after upholding the lower court’s decision that favors Hahn & Co.
Namyang Dairy’s chairman Hong Won Sik filed an appeal to stop the sale of its controlling stake to the PEF company. He was also trying to stop the trial for the case filed by Hahn & Co. but the lower court dismissed this and now the high court also agreed with the decision.
According to The Korea Herald, the court formally asked Namyang’s chairman and his family members to transfer the 53.08% stake that they previously agreed on as part of an acquisition deal. It was reported that Namyang Dairy will be taking the case further to the Supreme Court as it apparently was disappointed with the ruling.
If the Supreme Court will give the same verdict, it will end the long dispute and Hahn & Co. will ultimately become the largest shareholder of Namyang Dairy. It was in August 2021 when the PEF company sued the dairy producer after it failed to adhere to its acquisition contract.
The sides signed a purchase agreement in May 2021 and it was stated that both companies agreed to the sale of 53.08% share for KRW310.7 billion or about $246 million. However, Hong Won Sik appeared to have changed his mind and kept delaying the transfer of the asset.
He also tried to sell to another company for a higher amount and for this action, Hahn & Co. sued Namyang. The company was forced to sell after it was hit by a series of damaging controversies especially its claims that its brand of yoghurt drink can help fight COVID infection.
