SK Telecom Co. Ltd. cancelled the acquisition of 12.91% stake in CJ Hellovision Co., Ltd.
July 25, 2016
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SK Telecom Co. Ltd. (KOSE:A017670) made a tender offer to acquire 12.91% stake in CJ Hellovision Co., Ltd. (KOSE:A037560) for KRW 120 billion in cash on November 2, 2015. Under the offer, SK Telecom Co will acquire 10 million shares of CJ Hellovision at KRW 12,000 per shares. The tender offer will begin on November 2, 2015 and is expected to be completed on November 23, 2015. In a related transaction, SK Telecom Co. Ltd. (KOSE:A017670) agreed to acquire 30% stake in CJ Hellovision Co., Ltd. (KOSE:A037560) from CJ O Shopping Co., Ltd. for KRW 500 billion. As of November 26, 2015, total numbers of shares acquired were 6.67 million for KRW 80.1 billion. NH Investment & Securities Co., Ltd. acted as the handler for the transaction. As on January 12, 2016, period for tendering the existing shares has been changed to February 29, 2016 to March 29, 2016. The transaction is expected to close on April 1, 2016.
SK Telecom Co. Ltd. (KOSE:A017670) cancelled the acquisition of 12.91% stake in CJ Hellovision Co., Ltd. (KOSE:A037560) on July 25, 2016. The transaction was terminated by SK Telecom for failure to meet the required closing conditions as the Korea Fair Trade Commission denied approval of the proposed acquisition on July 18, 2016.
LG HelloVision Corp, formerly CJ Hello Co Ltd, is a Korea-based company principally engaged in the provision of broadcasting and communication services. The Company operates its business through five segments. The Broadcasting segment provides analog and digital cable television (TV) services through Hello TV products. The Value-Added Service segment provides services such as Internet phone, terminal sales and management support for general cable broadcasting business through products such as Hello Phone and Hello Mobile. The Advertisement segment provides local advertisements, home shopping, and data home shopping channel transmission services through Hello TV Woori neighborhood products. The Internet segment provides Internet access and Internet phone service through products such as Hello Internet. The Product Sales segment is engaged in businesses such as mobile virtual network operator (MVNO) wireless telephone terminals sales, business to business (B2B), and rentals.