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[Alpha Biz=(Chicago) Reporter Kim Jisun] According to the Supreme Court's ruling on the 5th, Hong Won-sik, the eldest son of the late founder of Namyang Dairy Products, will hand over management rights to Hahn & Company, a local private equity fund (PEF).
The second part of the Supreme Court upheld the original ruling in favor of the plaintiff in an appeal of a stock transfer suit filed by Hahn & Company against Chairman Hong and his family.
As a result, Hahn & Company will immediately take steps to acquire Namyang Dairy Products to focus on improving its damaged governance, image and normalizing its management.
However, the ruling concluded the management dispute, but there is still a legal dispute and stake settlement process, such as a damages suit between Chairman Hong and Hahn & Company, and it is expected to take a long time to normalize Namyang Dairy Products.
Hahn & Company, the new owner, is a typical 'buyout' private equity fund that grows mainly after acquiring a stake in a company and sells it for the purpose of recovering investment. Previously, the company acquired Woongjin Food in 2013, increased its corporate value and sold it for more than twice the acquisition price in five years, and recently acquired manufacturing, shipping, distribution and hotel companies such as SK Shipping.
Hahn & Company said it will focus on normalizing Namyang Dairy Products in the future.
In the stock market, Namyang Dairy's stock price rose from its closing price of 457,500 won on Dec. 20 last year to 634,000 won during the day.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
