Woori Financial Group’s plan to take Tongyang Life Insurance private has hit a snag in the final stages, as a dispute over the proposed share-swap ratio draws heightened regulatory scrutiny and underscores Korea’s growing emphasis on protecting minority shareholders, according to industry watchers Tuesday. The case highlights a broader dilemma facing financial holding companies: how to pursue strategic acquisitions while still demonstrating that such deals are fair to ordinary shareholders. Woori is carrying out a comprehensive share swap to acquire the remaining stake in Tongyang Life, the final step in bringing the insurer under full ownership following last year’s acquisition. Under the proposed terms, the life insurer’s shareholders would receive 0.2521056 Woori Financial shares for each Tongyang Life share they own. The Financial Supervisory Service (FSS), however, ordered the holding company to revise its securities registration statement, seeking additional disclosure on the rationale for the deal and the methodology used to calculate the exchange ratio. The main point of
Woori Financial’s bid to take Tongyang Life private continues to stall amid shareholder backlash
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