SGA Solutions Co.,Ltd. (KOSDAQ:A184230) agreed to acquire remaining 36.4% stake in SGA Embedded Co., Ltd. (XKON:A224880) for KRW 4.2 billion on October 15, 2018. Under the terms of the deal, SGA Solutions Co.,Ltd. will give 2.0789474 for every one share of SGA Embedded Co., Ltd. Before deal, SGA Solutions Co.,Ltd. owned 63.6% stake and post deal, it will hold 100% stake in SGA Embedded Co., Ltd. The Board of Directors of SGA Solutions Co.,Ltd. passed a resolution for the deal on October 15, 2018. The merger contract is expected to be signed on October 16, 2018. The deal is expected to close on December 25, 2018. The investors have expressed concerns and raised concerns about the recent merger ratio reflecting the impact of the external market on shareholder value. As of October 19, 2018, the Board of SGA Solutions were planning to withdraw the transaction. However, as per another amendment of October 19, 2018, in consideration of the opinions and market conditions, the Board of Directors has decided to review the merger process, including the supplementing of the proposed merger plan, in order to enhance corporate value that minimizes shareholder burden through careful discussion. Samyoung Accounting Corporation was the external evaluation agency for the deal.

SGA Solutions Co.,Ltd. (KOSDAQ:A184230) cancelled the acquisition of remaining 36.4% stake in SGA Embedded Co., Ltd. (XKON:A224880) on October 15, 2019.