Polyvision Co., Ltd. (KOSDAQ:A032980) agreed to acquire 47% stake in Beijing Yuanyi Car Accessories Co., Ltd. from Jin-Woong Lee for KRW 12.7 billion in cash and bond on January 25, 2016. The consideration includes convertible bond issuance and cash payment. Polyvision paid KRW 1.5 billion in cash as deposit on January 25, 2016, second payment of KRW 3 billion will be paid in cash on February 4, 2016 and the balance consideration of KRW 8.2 billion will be paid in convertible bond on March 29, 2016. The cash under second payment will be funded by using the proceeds received from the issuance of convertible bonds to W Global 1 Union. As of December 31, 2014, Beijing Yuanyi Car Accessories reported total assets of KRW 48.37 billion, total capital of KRW 14.48 billion, sales of KRW 102.42 billion and net profit of KRW 5.7 billion. The deal was resolved by the Board of Directors of Polyvision on January 25, 2016. The deal is expected to close on March 29, 2016. As of February 4, 2016, Polyvision received the convertible bonds proceeds from W Global 1 Union. On March 24, 2016, the scheduled acquisition date was postponed to June 29, 2016. On June 24, 2016, an amendment was signed and scheduled acquisition date is postponed to September 29, 2016. On August 10, 2016, an amendment was signed and scheduled acquisition date is postponed to August 10, 2016. Samil PricewaterhouseCoopers acted as external rating institution in the deal. Beijing Jungnak Ihwa Accounting Firm acted as external auditor in the deal. Polyvision Co., Ltd. (KOSDAQ:A032980) cancelled the acquisition of 47% stake in Beijing Yuanyi Car Accessories Co., Ltd. from Jin-Woong Lee January 25, 2017.