T'Way Air: Increasing Possibility of an M&A Fight Between Yearimdang and Daemyung Sono Group

• In the past several days, there have been an increased speculation in the local media about a potential M&A fight for T'Way Air between Yearimdang Publishing and Daemyung Sono Group.

• The difference in ownership of T'Way Air by Daemyung Sono Group and Yearimdang Group is only 3.2%, which could lead to an intensified management rights dispute.

• According to local sources, Daemyung Sono Group has recently contacted several law firms to review plans to potentially conduct a tender offer on T'Way Air.