Shindaeyang Paper Co., Ltd. (KOSE:A016590) agreed to acquire 30.3% stake in Daeyang Paper Mfg. Co., Ltd. (KOSDAQ:A006580) for KRW 20.5 billion on February 16, 2021. The offer per share is KRW 3260.

Under the terms Shindaeyang Paper Co., Ltd. is acquiring 6.2 million shares. Pre acquisition Shindaeyang Paper Co., Ltd. held 12.4 million shares in Daeyang Paper Mfg. Co., Ltd. The tender offer period is from February 19, 2021 to March 23, 2021.

The expected acquisition date is March 26, 2021. The date of decision of Board of Directors for Daeyang Paper Mfg. is February 16, 2021.

KB Securities Co., Ltd acted as the manager to the transaction.