Samyang Corporation (KOSE:A145990) signed a contract to acquire Samyang Genex Corporation (KOSE:A003940) from Samyang Holdings Corporation (KOSE:A000070) and others for approximately KRW 310 billion in stock on September 11, 2015. 2.1791119 registered common shares of Samyang Corporation will be distributed per 1 registered common stock of Samyang Genex Corporation and 1.4158270 registered preferred shares of Samyang Corporation will be distributed per 1 registered preferred stock of Samyang Genex Corporation. Samyang Corporation will issue 4.15 million common shares and 0.24 million preferred shares. After the transaction, Samyang Corporation will be the surviving entity and Samyang Genex Corporation will be dissolved. The combined entity will trade under the name of Samyang Corporation. 0.01 million preferred shares will be acquired and the scheduled payment date is December 28, 2015.

The merger can be cancelled where Samyang Corporation does not get an approval from shareholders of more than 1/3 of total issued shares and 2/3 of voting rights in the extraordinary meeting of shareholders. The expected date of shareholders' meeting is November 13, 2015. The creditors can submit their objections from November 16, 2015 to December 16, 2015. The Board of Directors passed a resolution for the transaction on September 11, 2015. As on November 13, 2015, the transaction was approved by the shareholders of Samyang Genex Corporation. The transaction is expected to close on January 1, 2016.