G.I.BLUE CO., Ltd cancelled the acquisition of remaining 47.54% stake in mgen, inc. from Macrogen Inc. and other shareholders.
August 20, 2013 at 12:00 am EDT
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G.I.BLUE CO., Ltd (KOSE:A032790) signed a contract to acquire remaining 47.54% stake in mgen, inc. from Macrogen Inc. (KOSE:A038290) and other shareholders for approximately KRW 170 million in stock on August 20, 2012. The merger ratio is 1: 0.07738693 and G.I.BLUE will issue 0.17 million shares in the transaction. In the statutory merger, G.I.BLUE will exist and mgen, inc. will be dissolved. mgen, inc. reported total assets of KRW 770 million, total liabilities of KRW 670 million, total stockholders' equity of KRW 100 million, sales revenue of KRW 280 million and net loss of KRW 1.71 billion in 2011.
The Board of Directors of G.I.BLUE approved the transaction on October 4, 2012. The approval of stockholders will be substituted with the G.I.BLUE's Board of Directors approval. The application period of oppositions from shareholders against merger is from September 4, 2012 to September 18, 2012. The creditors can submit their opposition from October 5, 2012 to November 5, 2012. The transaction is expected to close on November 6, 2012. As of November 16, 2012, the scheduled delivery date of new share certificates has been changed to November 23, 2012 and scheduled listing date has been changed to November 26, 2012.
G.I.BLUE CO., Ltd (KOSE:A032790) cancelled the acquisition of remaining 47.54% stake in mgen, inc. from Macrogen Inc. (KOSE:A038290) and other shareholders on August 20, 2013.
Mgen Solutions Co Ltd, formerly BNGT Co Ltd, is a Korea-based company engaged in the manufacture and sale of printer cartridge parts. The Company operates its business through five segments. The Developing Machine Business segment is engaged in the manufacture and sale of printer cartridge parts. The Broadband Convergence Network (BcN)/Artificial Intelligence (AI) Business segment is engaged in the operation and build of broadband self-communication network. The Segment is also engaged in the provision of artificial intelligence image analysis solutions. The Communication Network Business segment is engaged in the provision of information technology services related to smart homes and the Internet of Things (IoT). The Bio Business segment is engaged in the development of organs for transplantation. The Other Business segment is engaged in the sale of medical devices.
MGEN SOLUTIONS CO., LTD. 
