NPS steps back from Doosan Robotics' Bobcat merger

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NPS steps back from Doosan Robotics' Bobcat merger - Korea Economic Daily

Quick Summary:

Industry observers say the South Korean pension fund is taking a step back from the intra-group deal that finally cleared a regulatory hurdle, giving foreign and minority shareholders casting votes.The NPS holds a 6.85% stake in Enerbility; Doosan Corp.and its stakeholders own 30.67%.

ROBOTICS' BUYBACK PRICEAt Robotics’ shareholder meeting, also set for Jan.12, the NPS will also vote for its takeover of Bobcat only when Robotics’ base share price for the merger as of Jan.10 is higher than its buyback price of 80,472 won.Its shares advanced 6.21% to close at 57,400 won on Monday.

DIVERGENT ADVISORSProxy advisor International Shareholder Services (ISS) said on Monday that Robotics' merger with Bobcat constitutes a conflict of interest and only benefits controlling shareholders.