Naver·Dunamu merger announcement 'imminent'…Lee Hae-jin and Song Chi-hyung to take direct lead

Korea Economic Daily

Summary

The merger of Naver Financial and Dunamu, which operates Upbit, is scheduled to be officially announced on the 27th.
The share exchange ratio for the merger is being discussed as 3 Naver Financial shares per 1 Dunamu share, based on which Dunamu's company value is expected to be recognized at about 15 trillion won and Naver Financial's at about 5 trillion won.
The merger requires a special resolution at a shareholders' meeting, and approval from at least two-thirds of the shareholders present and at least half of the total shares is required.

Naver·Dunamu, press conference on the 27th

Lee Hae-jin and Song Chi-hyung to officially announce the merger in person

*Photo=Choi Hyuk, Korea Economic Daily reporter*

The merger between Naver's subsidiary Naver Financial and Dunamu, which operates Upbit, the country's No. 1 digital asset exchange, will be officially announced.

According to industry sources on the 24th, Lee Hae-jin, chairman of Naver's board, and Song Chi-hyung, chairman of Dunamu, will hold a press conference in person to officially announce plans to pursue the merger.

The companies are reportedly expected to hold their respective board meetings on the 26th to approve the merger plan and then hold a press conference the following day on the 27th. The press conference will be held jointly at Naver's second building, 'Naver1784.' Through the press conference, Chairman Lee and Chairman Song are expected to present the integration direction and strategic vision between the two companies.

The biggest issue in this merger process is the share exchange ratio. Industry sources are leaning toward a method of exchanging 3 Naver Financial shares for each Dunamu share. At that ratio, Dunamu's corporate value would be recognized at about 15 trillion won, and Naver Financial's at about 5 trillion won.

For the merger to be completed, it must pass a special resolution at a shareholders' meeting. It must be approved by at least two-thirds of the shareholders present and by at least half of the total issued shares to pass.

Kim Dae-young, Hankyung.com reporter kdy@hankyung.com