이 기사는 2021년 08월 19일 08:01 thebell 에 표출된 기사입니다.

Namyang Dairy Products ex-chairman Hong Won-sik, who was recently slammed for his abrupt decision to postpone an extraordinary shareholders meeting and delay the sale of his shares to private equity firm Hahn & Company, said that the deal will proceed as planned.

Having kept silent for the last two weeks, Hong said in a statement Tuesday that the extraordinary shareholders meeting was postponed because the two parties were not fully prepared to complete the deal and that there won’t be any change.

“(Namyang) is currently trying to coordinate with Hahn & Co on the terms and conditions to close the deal and further negotiations will be held soon to complete the deal,” said Hong.

In response to Hong’s statement, Hahn & Co said it was not aware of it beforehand and it disagrees with the statement. While Hong said that the two parties were not prepared, Hahn & Co had completed all procedures to close the deal by the scheduled date.

Hahn & Co also argued that Namyang unilaterally delayed the extraordinary shareholders meeting which was supposed to take place at the end of July .

It is notable that Hong suddenly revealed his statement two weeks prior to the closing date of the transaction. Hahn & Co has continuously said that the closing date cannot exceed August 31.

Industry watchers said Hong announced his statement to avoid taking responsibility for the postponement of the scheduled meeting as much as possible.

Hong also said the sale will still go ahead, probably to dismiss shareholders and employees’ concerns over uncertainty.

Hahn & Co retains its position that it is impossible to cancel the transaction with Hong while reviewing possible legal action against Hong. (Reporting by Gyoung-tae Kim)