A Tender Offer of Remaining Shares & Delisting of Tongyang Life Insurance by Woori Financial?
It has been reported that Woori Financial Group is considering on acquiring all of the remaining shares (21.2%) of Tongyang Life Insurance and delist it, making it a 100% subsidiary.
We believe that there is a high probability (70-80%+) that Woori Financial Group decides to acquire the remaining 21.2% stake in Tongyang Life Insurance held by minority shareholders.
Between cash and stock, we think that Woori Financial is likely to use cash to complete this deal, although the exact amount of market premium remains uncertain.
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