SUNIC SYSTEM Co., Ltd. and Dong A Eltek Co., Ltd. cancelled the acquisition of an unknown stake in Woojin Electric Machinery Co., Ltd.
October 14, 2020
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SUNIC SYSTEM Co., Ltd. (KOSDAQ:A171090) and Dong A Eltek Co., Ltd. (KOSDAQ:A088130) won as preferred bidders to acquire an unknown stake in Woojin Electric Machinery Co., Ltd. on August 25, 2020. The transaction was expected to close on September 7, 2020. As per revised schedule, the deadline for the completion of the transaction is scheduled to September 29, 2020. On September 29, 2020, the deadline for conclusion of sales contract is extended until October 12, 2020 due to the circumstances of the seller. As of October 12, 2020, the deadline for signing of the contract extended until October 14, 2020. As on October 16, 2020, preferred negotiation period for the acquisition is ended by the consortium of Dong A Eltek Co., Ltd. and SUNIC SYSTEM Co., Ltd. selected by the seller on August 25, 2020.
SUNIC SYSTEM Co., Ltd. (KOSDAQ:A171090) and Dong A Eltek Co., Ltd. (KOSDAQ:A088130) cancelled the acquisition of an unknown stake in Woojin Electric Machinery Co., Ltd. in mid October 2020. The transaction was cancelled as key management's confirmation of the ban on offering was not secured, and the possibility of leaving key personnel including Chang-ik Chang-ik Woo, CEO of Woojin Kijeon, was raised.
SUNIC SYSTEM Co., Ltd., formerly SUNIC SYSTEM Ltd., is a Korea-based company principally engaged in the manufacture and distribution of organic light emitting diode (OLED) equipment. The Companyâs products include Sunicel Plus 1850, Sunicel Plus 400, Sunicel Plus 400L, Sunicel Plus 200 and Sunicel Plus 200L. The Company distributes its products within domestic market and to overseas markets.