Genexine, ToolGen cancel merger plan on shareholder opposition - (The Korea Herald via NewsPoints Desk)

  • Genexine and ToolGen have terminated their merger agreement after opposition from shareholders from both companies, The Korea Herald reported Tuesday.

  • The drugmakers acknowledged that the total value of stakes held by dissenting shareholders from both companies exceeded the minimum marks under the agreed contract.

  • The deal was withdrawn after dissenters exercised their right to veto the merger plan by receiving cash payments for the fair value of their shares.

  • Specifically, the appraisal rights could be executed in exchange for KRW 67,325 per Genexine share and KRW 80,695 won per ToolGen share.

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