The merger between Naver Financial and Dunamu has been postponed for the third time, making a merger within this year unlikely. This is due to the prolonged review process by the Fair Trade Commission. Naver stated that it will continue to communicate with the authorities.
Naver (NAVER) announced on the 30th that it has changed the schedule for the shareholders' meeting and transaction closing date regarding the comprehensive share exchange between Naver Financial and Dunamu to March of next year. This is approximately three months later than the previously announced schedule. The dates for the shareholders' meetings of both companies, required to vote on the share exchange proposal, have been changed from November 19 this year to February 26 next year, and the transaction closing date, including the share exchange and transfer, has been changed from December 31 this year to March 31 next year.
This is because the Fair Trade Commission's review process took longer than expected. Both parties are currently undergoing government approval procedures, including the Fair Trade Commission's approval of the business combination, approval for the change in major shareholders, and Dunamu's acceptance of a major shareholder change report under the Act on Use of Credit Information and Protection of Confidentiality. Naver stated that it will do its best to ensure the transaction is smoothly concluded while continuing to communicate with the authorities.
Naver said, "This corrected public disclosure is an additional extension of the existing schedule to secure sufficient time to stably conclude the transaction, reflecting the status of the review process by the relevant authorities." It added, "Both companies are actively cooperating with the Korea Fair Trade Commission's review process and faithfully explaining the purpose and necessity of this transaction, which aims to build competitiveness in the global digital finance market."
in TECH
