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Block sale of 6.7% stake in Hynix Semiconductor |
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2010-04-28 |
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Bae, Kim & Lee LLC advised Korea Exchange Bank and seven other financial institutions in their sale of 39,283,000 shares of Hynix Semiconductor, a 6.7% stake, for an aggregate price of some KRW923 billion. The block sale of the Korea Exchange-listed shares, at the price of KRW23,500 per share, was completed on March 18, 2010, to a number of institutional investors. The sellers started the year owning a combined 28% of Hynix, and the transaction completes the first leg of their plan, announced in February 2010, to sell a total of 13% within the year. The large shareholding in Hynix derived from a series of debt-for-equity swaps as part of the company’s workout with its creditors, which was concluded in 2005. (BKL advised Hynix’s main creditor group throughout the workout process.) The successful placement of the initial 6.7% stake represents a milestone for Hynix, the world’s second-largest maker of memory chips. The BKL team, led by Hee-Gang Shin and Kyu Sang Chung of the Firm’s Securities Group, advised on the Korean legal and regulatory aspects of the stock sale. Also assisting on the deal were colleagues Dong Wook Kang, Woojung Kim and Jae Joon Kwon. The BKL team collaborated with Simpson Thacher & Bartlett LLP as U.S. counsel to the creditors. Joint lead managers for the sale were Credit Suisse Securities (Europe) Limited, Nomura International (Hong Kong) Limited and Woori Investment & Securities. |
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BKL advises Autoliv in acquisition of Delphi auto safety operations |
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BKL wins enforcement of ICC arbitral award for 70% stake in Hyundai Oilbank |
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82.2.3404.0280 kyusang.chung@bkl.co.kr |
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82.2.3404.0232 woojung.kim@bkl.co.kr |
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82.2.3404.0156 heegang.shin@bkl.co.kr |
