Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Hyundai G.F. Holdings' Stock Swap with Hyundai Green Food & Hyundai Dept Store

Hyundai Dept Store Group Plans to Delist Hyundai Home Shopping

Tender Offer of 25% of Hyundai Home Shopping Shares by Hyundai GF Holdings

Estimating Participation Rate for Hyundai HS Tender Offer, Currently at a 5% Spread

Douglas Research Advisory

Event-Driven

Hyundai Home Shopping Network / Event-Driven

Hyundai Home Shopping Network (057050 KS)

<ul>
<li>Hyundai Home Shopping/Hyundai GF Holdings ratio started out as high as 6.3x on 10 February. In the past several days, this ratio has drifted lower to about 5.9x. </li>
<li><strong>Merger ratio is 6.357x and there is an increasing probability that over the next several days the price gap between the two companies narrow back closer to the merger ratio.  </strong></li>
<li>If Hyundai GF Holdings' share price stays the same (until shares exchange date) and Hyundai Home Shopping catches up to the merger ratio, Hyundai Home Shopping could increase by 7.9%. </li>
</ul>


Hyundai Home Shopping/Hyundai GF Holdings ratio started out as high as 6.3x on 10 February. In the past several days, this ratio has drifted lower to about 5.9x. 
Merger ratio is 6.357x and there is an increasing probability that over the next several days the price gap between the two companies narrow back closer to the merger ratio.  
If Hyundai GF Holdings' share price stays the same (until shares exchange date) and Hyundai Home Shopping catches up to the merger ratio, Hyundai Home Shopping could increase by 7.9%. 


An Update on Delisting of Hyundai Home Shopping and the Merger Ratio with Hyundai GF Holdings