Cuckoo Holdings Co.,Ltd (KOSE:A192400) made an offer to acquire an additional 31.7% stake in Cuckoo Homesys Co.,Ltd (KOSE:A284740) from Bon-Hak Koo, Bon-Jin Koo and others for approximately KRW 250 billion on March 21, 2018. Under the terms of the offer, Cuckoo Holdings offered to acquire 1.4 million shares of Cuckoo Homesys. As consideration, Cuckoo Holdings Co.,Ltd will issue a total of 2.6 million shares, making the offer per share as KRW 178,500 per share for Cuckoo Homesys shares. As of April 18, 2018, the exchange ratio was revised to 1.68 and accordingly a total of 2.4 million shares will be issued. As of March 21, 2018, Cuckoo Holdings Co.,Ltd holds 0.75 million shares, representing 16.82% stake and post completion of the transaction, Cuckoo Holdings Co.,Ltd will hold 2.2 million shares, representing 50.24% stake in Cuckoo Homesys Co.,Ltd. The transaction was resolved by the Board of Directors of Cuckoo Holdings Co.,Ltd on March 21, 2018. The offer will commence on April 10, 2018 and expire on May 9, 2018. Korea Investment & Securities Co., Ltd. acted as a service handling entity in the transaction.

Cuckoo Holdings Co.,Ltd (KOSE:A192400) completed the acquisition of an additional 23.7% stake in Cuckoo Homesys Co.,Ltd (KOSE:A284740) from Bon-Hak Koo, Bon-Jin Koo and others for approximately KRW 190 billion on March 9, 2018. Cuckoo Holdings Co.,Ltd acquired 1.06 million shares for KRW 178,500 each. Out of the sellers, Bon-Hak Koo sold 0.74 million shares and Bon-Jin Koo sold 0.32 million shares. Post completion, Cuckoo Holdings Co.,Ltd holds 1.8 million shares, Bon-Hak Koo holds 0.7 million shares and Bon-Jin Koo holds 0.32 million shares.