PYUNG HWA INDUSTRIAL CO., LTD. Pyung Hwa Industrial Co. Ltd. (KOSE:A090080) agreed to acquire Pyung Hwa Anti-Vibration System Co., Ltd. (KOSE:A101990) from NOK Corporation (TSE:7240), Pyung Hwa Holdings Co., Ltd. (KOSE:A010770) and other shareholders for KRW 32.3 billion in stock on February 7, 2014. Pyung Hwa Anti-Vibration System Co., Ltd.'s shareholders will receive 1.0192307 shares in Pyung Hwa Industrial Co.
Ltd. for each share held in Pyung Hwa Anti-Vibration System Co., Ltd. Pyung Hwa Industrial will issue 21.4 million shares as consideration. On completion, Pyung Hwa Industrial Co. Ltd. will survive and Pyung Hwa Anti-Vibration System Co., Ltd. will be dissolved.
The transaction is expected to complete on May 1, 2014. As of March 21, 2014, the transaction has been approved by shareholders of Pyung Hwa Industrial Co. and Pyung Hwa Anti-Vibration System Co., Ltd.
