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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] Doosan Group has decided to cancel the merger plan between Doosan Robotics and Doosan Bobcat. On the 29th, the two companies held board meetings and resolved to terminate the comprehensive stock exchange agreement that was being pursued as part of their business restructuring efforts. This decision effectively nullifies the plan, made about a month ago, to delist Doosan Bobcat by having Doosan Robotics acquire 100% of its shares through a tender offer and then merge the two entities.
The cancellation comes in response to market concerns that the proposed merger ratio did not accurately reflect the true value of the two companies. Under the initial merger plan, Doosan Bobcat shareholders would have received 0.6 shares of Doosan Robotics for each share of Doosan Bobcat. Although the merger ratio was calculated based on market prices as per legal requirements, rather than using a discounted cash flow model, it faced strong opposition from Doosan Bobcat shareholders and the market. Financial authorities also intervened.
However, Doosan Group still plans to proceed with the original strategy of splitting off Doosan Bobcat from Doosan Enerbility and placing it under Doosan Robotics.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
