Redwoods Co., Ltd. (XKON:A266170) signed a merger contract remaining 49% stake in Management AND Co., Ltd for approximately KRW 720 million on May 15, 2018. The exchange ratio for the merger between Redwoods Co., Ltd. and Management AND Co., Ltd is 1: 5.9988534. Redwoods Co., Ltd. will issue 0.12 million new shares in the merger. Redwoods Co., Ltd. owns 51% stake in Management AND Co., Ltd. Under the terms of the transaction, Redwoods Co., Ltd. will merge with Management AND Co., Ltd and post transaction, Redwoods Co., Ltd will be the surviving entity and Management AND Co., Ltd will be dissolved. As a part of transaction, Redwoods will be renamed as ANDu Entertainment Co., Ltd. Management AND Co., Ltd. reported total assets of KRW 486.9 million, net assets of KRW 412.6 million, sales of KRW 1.5 billion and net profit of KRW 32.7 million for the year ended December 31, 2017. The transaction is resolved by the board of Redwoods Co., Ltd. The transaction is expected to complete on July 26, 2018. As per new amendment dated July 27, 2018, transaction is expected to be completed by August 31, 2018. Redwoods Co., Ltd. (XKON:A266170) cancelled the acquisition of remaining 49% stake in Management AND Co., Ltd on May 15, 2019.