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Finance

Kakao denies block deal and affiliate sale rumours, seeks to ease minority shareholder concerns

Kakao denied speculation about a possible block deal by its controlling shareholder and rumours it may sell major affiliates ahead of its planned corporate spin-off. At a minority shareholder meeting in Seoul, it said the split ratio does not represent the two units’ actual enterprise value and could be adjusted later. Kakao also said it will consider reflecting share price and shareholder value in executive compensation and reaffirmed plans for 300 billion won in buybacks and cancellations over three years.

Games & Commerce

Kakao Games restarts M&A with Metoon acquisition

Kakao Games, which has been selling non-core affiliates and stakes, has put mergers and acquisitions back at the centre of its growth strategy under new management. The company decided on Sept. 15 to spend about 98 billion won to acquire 39.56% of Metoon through a combination of secondary share purchases and a third-party share issue. Kakao Games will become Metoon’s largest shareholder and gain management control once the deal closes. It has also signalled further investment.

Games & Commerce

Kakao clears first hurdle for spin-off as opposition to Kakao Investment merger stays at 2 percent

Kakao has cleared the first hurdle for its planned corporate spin-off after shareholder opposition to the merger of surviving entity KakaoX with Kakao Investment remained in the 2 percent range. Under the Commercial Act, a small-scale merger requires shareholder meeting approval if dissenting shareholders hold at least 20 percent of outstanding shares. Kakao can proceed with only a board resolution. The company plans to split into KakaoX and KakaoAI in January.