Naver-Dunamu 'Big Deal' Delayed Again, Share Swap Pushed to March 2027
Summary
- The timetable for the comprehensive share swap aimed at making Dunamu a wholly owned subsidiary of Naver Financial has been postponed to March 31 next year.
- The schedule change came after the companies concluded it would be difficult to complete the share swap within this year because the Fair Trade Commission's merger review has not yet been completed.
- Another variable is the delay in National Assembly discussions over the Digital Asset Basic Act, which would limit major shareholders' stakes in cryptocurrency exchanges.
Forecast Trend Report by Period
FTC Merger Review Still Pending
Delay in Digital Asset Bill Talks Also a Variable
The comprehensive share swap under which Naver Financial would make Dunamu a wholly owned subsidiary has been pushed back to next year. It is the third time the two companies have delayed the timetable.
Dunamu said in a filing on Oct. 7 that it had changed the share swap date with Naver Financial to March 31, 2027, from Dec. 31, 2026. It also postponed the scheduled shareholder meeting to Feb. 26, 2027, from Nov. 19, 2026. The companies had initially planned to swap shares on June 30, 2026, but delayed the date twice before, first to Sept. 30, 2026, and then to Dec. 31, 2026.
The move appears to reflect the lack of a decision from the Fair Trade Commission on the companies' business combination filing, making it difficult to complete the share swap this year.
Another variable is the delayed discussion in the National Assembly over the Digital Asset Basic Act, which includes limits on major shareholders' stakes in cryptocurrency exchanges.
A Dunamu official said the company was cooperating with reviews and procedures by the relevant authorities. Given the size and unusual nature of the transaction, the companies adjusted the schedule after taking into account the progress of the various steps needed to complete the deal, the official added.
Park Si-on, Hankyung.com reporter ushire908@hankyung.com
Korea Economic Daily
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