Doosan Robotics, Bobcat ordered to amend merger document

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The story "Doosan Robotics, Bobcat ordered to amend merger document" was covered 2 hours ago by Korea Economic Daily, a news publisher based in South Korea.

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Doosan Robotics, Bobcat ordered to amend merger document - Korea Economic Daily

Quick Summary:

South Korean regulators have ordered Doosan Robotics Inc.to amend the securities prospectus it had submitted last week for its merger with Doosan Bobcat Inc., after it provoked sever criticism from Bobcat’s minority shareholders and politicians.

After a review of the prospectus, the Financial Supervisory Service (FSS) said the document constituted a case in which it was not submitted in an appropriate form, contained false statements or descriptions on important matters, or failed to clarify important matters, Doosan Robotics said in a regulatory filing on Wednesday.

On Sunday, Doosan Group announced that it would complete a merger with Bobcat by early next year, a move aimed at prodding Bobcat to take an active role in expanding their parent Doosan Group’s business through M&As.