Samyang Corporation (KOSE:A145990) agreed to acquire Samyang Welfood Corp. for KRW 18.2 billion on October 10, 2013. Samyang Corporation (KOSE:A145990) signed a merger agreement to acquire Samyang Welfood Corp.

for KRW 18.2 billion on October 14, 2013. Samyang will issue 0.495538 shares for every one share of Samyang Welfood Corp. and a total of 0.41 million common shares will be issued by Samyang Corporation in the merger.

After the merger, Samyang Corp will survive and Samyang Welfood Corp. will be dissolved. The transaction is subject to shareholders approval of Samyang Corporation.

The transaction was approved by Board of Directors of Samyang Welfood and Board of Directors and shareholders of Samyang Corporation on November 12, 2013. The merger effective date is January 1, 2014. PricewaterhouseCoopers Korea, Financial Advisory Arm acted as a evaluator for Samyang Corporation.