SIMPAC METAL Co., Ltd. agreed to acquire SIMPAC Incorporation in a reverse merger transaction.
April 09, 2018
Share
SIMPAC METAL Co., Ltd. (KOSDAQ:A090730) agreed to acquire SIMPAC Incorporation (KOSE:A009160) in a reverse merger transaction on April 2, 2018. Under the terms of transaction, SIMPAC Incorporation will issue 3.3549418 new shares for each share of SIMPAC METAL Co., Ltd.; and will issue 43.6 million new shares. As per the amendment report dated April 19, 2018, SIMPAC Incorporation will issue 40.1 million new shares. The transaction is subject to approval from shareholders of SIMPAC Incorporation and SIMPAC METAL Co., Ltd. The transaction was resolved by the Board of Directors on April 2, 2018 and the general meeting of shareholders date for approval is set at May 29, 2018. As of may 29, 2018, the transaction is approved by the shareholders of SIMPAC METAL Co., Ltd and SIMPAC Incorporation. SIMPAC Incorporation shareholders also approved the appointment of a new internal director Hyo-Seok Song and new external director Dongjun Min. The transaction is expected to be completed by July 1, 2018.
SIMPAC Inc. is a Korea-based company mainly engaged in the manufacture of presses for metal parts manufacturing. The Companyâs products consist of mechanical presses, including coordinate frame (C-frame) crank presses, solid frame presses, transfer presses, liner guide link presses, straight side crank presses, crankless presses, as well as servo presses and hydraulic presses. The Company also produces automation equipment, including transfer robots, shuttle robots, loaders, unloaders, new uncoiler leveler (NC) feeders, NC feeders, blanking lines and slitting lines. In addition, it engages in the rental business. The Company distributes its products within domestic market and to overseas markets. On February 11, 2014, the Company acquired a 98% stake in BONG SHIN Co.Ltd.
SIMPAC INC. 
