DaeHo P&C Co.,Ltd. (KOSE:A021040) signed a statutory merger agreement to acquire remaining 99.99% stake in Dongbang Special Steel Co., Ltd. from DSP Co., Ltd. and other shareholders for KRW 26.6 billion in stock on September 6, 2012. DaeHo P&C will issue 2.4657833 shares for every share of Dongbang Special Steel. DaeHo P&C will issue 21.83 million shares as consideration.

After the merger, DAEHO P&C will survive and DongBang Special Steel will be dissolved. Dongbang Special Steel reported total assets of KRW 121.89 billion and stockholders equity of KRW 7.73 billion as of December 2011. Board of Directors of DaeHo P&C and Dongbang Special resolved the transaction on September 6, 2012.

On October 26, 2012, the transaction was approved by the shareholders of DaeHo P&C and Dongbang Special. The transaction is expected to close on November 30, 2012.