Woosung I&C Co. Ltd. (KOSDAQ:A011080) agreed to acquire Emoda Co., Ltd. for KRW 13.9 billion in stock on January 28, 2014. Woosung I&C will issue 118.1140065 shares for each share of Emoda.

Approximately 11.81 million new shares will be issued for the merger. After the merger Woosung I&C Co. Ltd. will survive and Emoda Co., Ltd. will be dissolved.

As of February 27, 2014, Woosung I&C Co. Ltd. agreed to amend the agreement to acquire Emoda Co., Ltd. for KRW 13.6 billion in stock on February 27, 2014. Under the new terms, Woosung I&C will issue 112.6107492 shares for each share of Emoda.

As of March 5, 2014, under the new terms, Woosung I&C will issue 109.6636808 shares for each share of Emoda. Emoda had total assets of KRW 31.5 billion and total stockholder's equity of KRW 10.9 billion as of December 31, 2013. Shareholders of Woosung I&C Co.

Ltd approved the transaction on March 21, 2014. The deal is expected to close on April 20, 2014.