SEOUL, June 22 (Korea Bizwire) – Amidst the all-out-war between Samsung Group and American activist hedge fund Elliott over the planned merger between Samsung C&T and Cheil Industries, minor shareholders of Samsung C&T are seeking to exert their own influence by uniting.
According to “Solidarity of Minor Shareholders of Samsung C&T,” an Internet community comprised of Samsung C&T shareholders, its staff had an offline meeting on June 22 and decided to actively object to the merger.
Participants at the meeting plan to cast their votes against the merger by directly joining in the forthcoming shareholders’ meeting, entrusting their rights to an appointed lawyer or entrusting their rights to the participating staff at the meeting. The Samsung C&T shareholders’ meeting to decide the merger will take place on July 17.
However, they will not entrust their voting rights to Elliott. The Internet community posted an announcement saying, “The voting rights collected through the community will not be entrusted to Elliott and we will object the merger with our own will.”
As of June 20, the Internet community had approximately 2,490 members and the number of entrusted shares reached the 920,000 mark. The community aims to collect the voting rights of 3 million shares. Meanwhile, it plans to file a collective lawsuit against the National Pension Service if the largest shareholder of Samsung C&T agrees with the merger.
By John Choi (email@example.com)