Activist Investor Offers Premium for Samsung Affiliates' Stake in S-1 Corp.
An activist investor, Flashlight Capital Partners, has offered a 45% premium to acquire the combined 20.6% stake held by five Samsung affiliates in South Korean security services provider S-1 Corp., valued at $655 million total. The offer comes under new corporate governance rules that expanded directors' fiduciary duties toward all shareholders. Flashlight argues there is no strategic reason for Samsung's financial and non-financial subsidiaries to retain the stake, suggesting divesting would free up capital. The activist has given Samsung affiliates until September 23 to respond, using a tactic known as a
Topics: activism corporate governance South Korea corporate law takeover