The following is a chronology of major events leading up to the outcome. ― Ed.
May 26 – Cheil Industries and Samsung C&T announce a plan to merge by the end of August.
June 3 – U.S.-based hedge fund Elliott Associates emerges as the No. 3 shareholder of Samsung C&T by purchasing a 2.17 percent stake in the company, with its holdings rising to 7.12 percent.
June 4 – Elliott expresses discontent over Samsung C&T’s proposed merger, saying the move does not benefit shareholders of Samsung’s construction and trading arm.
June 7 – Elliott sends a letter to Korea’s National Pension Service, asking the agency to vote against the merger at a July 17 shareholder meeting.
June 9 – Elliott applies for a court injunction to stop the merger plan, claiming the proposed takeover is not in the best interest of Samsung C&T shareholders and is unlawful.
June 10 – Samsung C&T sells its 5.76 percent treasury shares to KCC Corp., the No. 2 shareholder of Cheil Industries to exercise voting rights at the shareholder meeting.
June 11 – Elliott seeks a court injunction to stop Samsung C&T from selling treasury shares to chemicals maker KCC.
June 24 – Elliott asks Samsung C&T shareholders to delegate their voting rights.
June 25 – Samsung C&T asks its shareholders to delegate their voting rights.
June 30 – Cheil Industries pledges to deliver more dividends to shareholders.
July 1 – A Seoul court turns down a request made by Elliott to block a proposed merger of two Samsung Group units.
July 3 – Elliott appeals the court’s dismissal of its request to block the deal. Corporate advisory firm Institutional Shareholder Services reports the latest merger plan “significantly disadvantages Samsung C&T shareholders,” lending a voice to further to Elliott’s claim.
July 7 – A Seoul court turns down Elliott’s request to stop a friendly shareholder of Samsung C&T from voting on the proposed merger.
July 10 – The NPS decides its stance on the proposed merger, without saying whether it will cast a yes or no vote on the merger plan.
July 16 – The Seoul High Court turns down Elliott’s requests to block a vote by Samsung C&T Corp. shareholders.
July 17 – Shareholders of Samsung C&T and Cheil Industries approve the proposed merger, paving the way for Samsung Group’s leadership change. (Yonhap)
Chronology of Samsung C&T’s merger with Cheil Industries
