Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 21 May, E Mart announced that it has decided to increase the appraisal rights price of Shinsegae Food by 30% compared to the reference market price.</li>
<li>The appraisal rights price was raised in response to continued backlash from general shareholders who argued that the exchange price was too low.</li>
<li>This materially higher appraisal rights price is likely to satisfy the demands of these investors and sets the stage for this deal to get completed successfully.  </li>
</ul>


On 21 May, E Mart announced that it has decided to increase the appraisal rights price of Shinsegae Food by 30% compared to the reference market price.
The appraisal rights price was raised in response to continued backlash from general shareholders who argued that the exchange price was too low.
This materially higher appraisal rights price is likely to satisfy the demands of these investors and sets the stage for this deal to get completed successfully.  


E Mart to Increase the Appraisal Rights Price of Shinsegae Food by 30%

<ul>
<li>On 10 March, E Mart Inc (139480 KS) announced that it will conduct a stock swap with Shinsegae Food (031440 KS) at a ratio of 1:0.5031313 to delist the company. </li>
<li>The stock swap ratio applied a 3.0% premium to Shinsegae Food's base market price to protect minority shareholders.</li>
<li>This stock swap is the final step in E-Mart's incorporation of Shinsegae Food as a wholly owned subsidiary. The shareholder confirmation date is 25 March.</li>
</ul>


On 10 March, E Mart Inc (139480 KS) announced that it will conduct a stock swap with Shinsegae Food (031440 KS) at a ratio of 1:0.5031313 to delist the company. 
The stock swap ratio applied a 3.0% premium to Shinsegae Food's base market price to protect minority shareholders.
This stock swap is the final step in E-Mart's incorporation of Shinsegae Food as a wholly owned subsidiary. The shareholder confirmation date is 25 March.


E-Mart: A Stock Swap with Shinsegae Food for a Final Delisting

<ul>
<li>On 15 December, it was announced that E Mart Inc (139480 KS) is conducting a tender offer and delisting of Shinsegae Food (031440 KS).</li>
<li>Tender offer price is 48,120 won (20% higher than the closing price on 12 December).</li>
<li>Shinsegae Food is currently trading at very low valuations. It is trading at P/E of 5.3x, P/B of 0.4x, and EV/EBITDA of 1.5x based on 2026 consensus earnings estimates.</li>
</ul>


On 15 December, it was announced that E Mart Inc (139480 KS) is conducting a tender offer and delisting of Shinsegae Food (031440 KS).
Tender offer price is 48,120 won (20% higher than the closing price on 12 December).
Shinsegae Food is currently trading at very low valuations. It is trading at P/E of 5.3x, P/B of 0.4x, and EV/EBITDA of 1.5x based on 2026 consensus earnings estimates.


A Tender Offer and Delisting of Shinsegae Food by E-Mart

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Thematic (Sector/Industry)

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The power equipment industry is entering a supercycle.Driven by surging power demand from data centers, new capacity additions are accelerating across large-scale nuclear power plants, SMRs, and gas turbines.The US Department of Energy is pushing for an emergency power auction that could pave the way for the construction of new power plants worth around US$15bn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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South Korea

Shinsegae Food Co., Ltd. caters company restaurants, schools, and hospitals. The Company also markets and provides various groceries to food companies and restaurants.  Shinsegae Food operates family restaurants as well.

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Shinsegae Food (031440 KS)

E Mart to Increase the Appraisal Rights Price of Shinsegae Food by 30%

On 21 May, E Mart announced that it has decided to increase the appraisal rights price of Shinsegae Food by 30% compared to the reference market...

Douglas Kim

E-Mart: A Stock Swap with Shinsegae Food for a Final Delisting

On 10 March, E Mart Inc (139480 KS) announced that it will conduct a stock swap with Shinsegae Food (031440 KS) at a ratio of 1:0.5031313 to delist...

Douglas Kim

A Tender Offer and Delisting of Shinsegae Food by E-Mart

On 15 December, it was announced that E Mart Inc (139480 KS) is conducting a tender offer and delisting of Shinsegae Food (031440 KS).

Douglas Kim

Mirae Asset Minutes [2026: Volume 2]Biweekly Strategy Meeting Recap

Driven by surging power demand from data centers, new capacity additions are accelerating across large-scale nuclear power plants, SMRs, and gas...

Mirae Asset Securities

Mirae Asset Minutes [2026: Volume 1]Biweekly strategy meeting recap

Hyundai Motor Group (HMG) is set to announce its AI robotics strategy on Jan. 6 and is expected to appoint an advanced vehicle platform division...

Mirae Asset Securities

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