Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 17 July, SK Innovation (096770 KS) officially announced a merger with SK E&amp;S. The merger ratio between SK Innovation and SK E&amp;S has been set at 1 to 1.1917417.</li>
<li>We believe this is the wrong timing for this merger from SK Innovation's point of view. SK Innovation is trading at near three year lows.</li>
<li>This merger is likely to generate backlash from KKR which holds SK E&amp;S redeemable convertible preferred stock (RCPS) worth 3.1 trillion won.</li>
</ul>


On 17 July, SK Innovation (096770 KS) officially announced a merger with SK E&amp;S. The merger ratio between SK Innovation and SK E&amp;S has been set at 1 to 1.1917417.
We believe this is the wrong timing for this merger from SK Innovation's point of view. SK Innovation is trading at near three year lows.
This merger is likely to generate backlash from KKR which holds SK E&amp;S redeemable convertible preferred stock (RCPS) worth 3.1 trillion won.


SK Innovation's Merger with SK E&S: Bad Timing for SK Innovation and Higher Risks from RCPS

South Korea

KyungDong City Gas Co., Ltd. provides gas to eastern regions of Gyeongnam area in Korea.  The Company also maintains and sets up its piping works for gas distribution.

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Kyungdong City Gas (012320 KS)

SK Innovation's Merger with SK E&S: Bad Timing for SK Innovation and Higher Risks from RCPS

This merger between SK Innovation and SK E&S is likely to be value-destroying from SK Innovation's viewpoint. It is also likely to generate...

Douglas Kim

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