Lock&Lock Co., Ltd. cancelled the acquisition of EMK Networks Co., Ltd.
April 26, 2021
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Lock&Lock Co., Ltd. (KOSE:A115390) agreed to acquire EMK Networks Co., Ltd. for KRW 14.5 billion on April 27, 2020. Under the terms of transaction, Lock&Lock initially plan to pay consideration in cash but later change it to Cash and stock for acquiring 4,285 shares which representing 100% stake in EMK Networks Co., Ltd. In the case of the Cash Acquisition, the payment of the balance may be changed to the issue of treasury shares and paid-in capital increase according to the principle or the situation when the balance is paid. The Board passed the resolution on April 27, 2020. On August 19, 2020, Board of directors re-determine the payment mode as Cash and stock. EMK networks The transaction is expected to close on September 23, 2020.
Lock&Lock Co., Ltd. (KOSE:A115390) cancelled the acquisition of EMK Networks Co., Ltd. on April 27, 2021.
LOCK&LOCK Co Ltd is a Korea-based company principally engaged in the manufacturing and sale of storage goods. The Company manufactures and sells storage products, outdoor products and other products. The Companyâs storage products include plastic airtight containers, glass airtight containers, porcelain airtight containers, and tritan airtight containers, among others. The outdoor products include water bottles, cold storage bottles, and outdoor lunch boxes, among others. The other products include kitchen and living goods such as pots, frying pans and others. The Company operates its businesses in domestic and overseas markets such as Europe, Asia and United States.