Woosung I&C Co. Ltd. completed the acquisition of Emoda Co., Ltd.
April 30, 2014 at 12:00 am
Share
Woosung I&C Co. Ltd. (KOSDAQ:A011080) agreed to acquire Emoda Co., Ltd. for KRW 13.9 billion in stock on January 28, 2014. Woosung I&C will issue 118.1140065 shares for each share of Emoda. Approximately 11.81 million new shares will be issued for the merger. After the merger Woosung I&C Co. Ltd. will survive and Emoda Co., Ltd. will be dissolved. As of February 27, 2014, Woosung I&C Co. Ltd. agreed to amend the agreement to acquire Emoda Co., Ltd. for KRW 13.6 billion in stock on February 27, 2014. Under the new terms, Woosung I&C will issue 112.6107492 shares for each share of Emoda. As of March 5, 2014, under the new terms, Woosung I&C will issue 109.6636808 shares for each share of Emoda. Emoda had total assets of KRW 31.5 billion and total stockholder's equity of KRW 10.9 billion as of December 31, 2013. Shareholders of Woosung I&C Co. Ltd approved the transaction on March 21, 2014. The deal is expected to close on April 20, 2014.
Woosung I&C Co. Ltd. (KOSDAQ:A011080) completed the acquisition of Emoda Co., Ltd. on April 30, 2014.
HYUNGJI Innovation and Creative Company Limited, formerly WOOSUNG INNOVATION & CREATIVE Co.,Ltd is a Korea-based company engaged in the manufacture and marketing of menâs apparels. The Company has four principal brands: YEZAC, which is a luxury styling dress shirt brand targeting customers in their twenties to forties; LANVIN, which is a licensed brand targeting customers in their twenties to fifties; BON, a casual brand targeting consumers in twenties and thirties, and BON-g.floor, a casual brand targeting consumers in twenties. The Company distributes its products through department stores, sales agencies and discount stores. On Aril 30, 2014, it merged with Emoda,Co.,Ltd., which is engaged in the manufacture and distribution of women garments.