Naver Financial, Dunamu Delay Share Swap Again, Moving Timeline to March 2027

Naver Financial and Dunamu have delayed their comprehensive share swap schedule by about three months. The move reflects the status of regulatory reviews and other procedures needed to close the transaction.

SBS Biz reported on Oct. 7 that Naver and Dunamu each filed amended disclosures that day revising the timetable for the comprehensive share swap.

Under the new schedule, the share swap date has been pushed back to March 31, 2027, from Dec. 31, 2026. Shareholder meetings for Naver Financial and Dunamu, originally scheduled for Nov. 19, 2026, were also postponed to Feb. 26, 2027.

Dunamu's record date for determining shareholders was changed to Jan. 18, 2027, from Oct. 22, 2026. The period for exercising appraisal rights was also adjusted to Feb. 26 through March 18, 2027, from the previous Nov. 19 through Dec. 9, 2026.

The schedule change reflects overall progress in the reviews, approvals and other procedures required to complete the deal, taking into account the size and complexity of the transaction, the companies said.

To complete the share swap, the companies must undergo related procedures including business combination approval from the Fair Trade Commission, approval for a change in Naver Financial's largest shareholder and a concurrent business filing, as well as acceptance of a filing related to a change in Dunamu's largest shareholder.

The basic terms and structure of the deal remain unchanged. Once the share swap is completed, Naver Financial will become the wholly owned parent company holding 100% of Dunamu, and Dunamu will become its wholly owned subsidiary.

A Dunamu official said both companies are cooperating with regulatory reviews and related procedures, submitting necessary materials and explaining the purpose and need for the transaction. The official added that the deal's basic structure, purpose and direction have not changed.