Search results for block deal
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.
Crypto
NYDIG says BlackRock\'s IBIT $1.26 billion block trade shows signs of urgent liquidation by whale investor
A more than $1.26 billion block trade in BlackRock\'s spot bitcoin ETF iShares Bitcoin Trust (IBIT) last week may have been a large directional investor rapidly unwinding a concentrated position, NYDIG research head Greg Cipolaro said. The sale was executed in a dark pool at a $1.01 discount to market, implying about $29.5 million in concession. Bitcoin fell about 2.8 percent on the day, while U.S.-listed spot bitcoin ETFs have logged 11 straight sessions of net outflows.
Finance
Samchundang Pharm scraps 250 billion won block deal, denies stock manipulation allegations
Samchundang Pharm moved to explain controversy over alleged stock manipulation and a Korea Exchange notice of possible sanctions for inadequate disclosure. Chief executive Jeon In-seok cancelled a planned 250 billion won block deal to sell a major shareholder stake, saying the sale was intended to pay taxes of 233.5 billion won. He said he will instead pay the taxes through a stock-backed loan and focus on proving management performance. He also apologised for poor communication and pledged greater transparency.