Attorneys Jeong Kyoung-ho, Choi Jae-woong, Cho Seo-jin, Lee Hye-jun, Kim Jun-young, Park Hyun-jin and Lee Sung-jun successfully advised Kepco KDN Co., Ltd. (“KDN”) (holding 21.43%) and Korea Racing Authority (“KRA”) (holding 9.52%) on the sale of a total of 13,000,000 shares (accounting for 30.95%) in the outstanding shares of YTN, a publicly traded company listed on the KOSDAQ market, through an open competitive bidding process.

This was a large-scale transaction involving a change in the largest shareholder and a total sale price of KRW320 billion. In particular, the complex legal and procedural restrictions under laws relating to public contracts applicable to public corporations KDN and KRA needed to be carefully considered throughout the bidding and sale process. In addition, as the target company, YTN, is a broadcasting company and a publicly traded company, various legal restrictions had to be carefully considered, including strict governance restrictions under the Broadcasting Act, restrictions on procedures for changing shareholders and licenses, restrictions under the Capital Markets act and exchange regulations, and disclosure issues. This transaction is a unique case in terms of legal procedural requirements among competitive bidding sales of shares conducted through a lead manager.

Barun Law preemptively reviewed various restrictions and risks, and advised on the overall procedure and plan from the beginning of the sale process, considering the specificity of the deal. We also advised and assisted the sellers in establishing and conducting procedures, reviewing all documents such as bidding documents, agreements and arrangements, and consulting with the sellers and relevant administrative agencies throughout the sale process. As a result, the deal was successfully completed, and the sellers were able to sell all of the target shares at a premium price of approximately three times the market price at the exchange.

As such, Barun Law has successfully advised on the sale of shares in a unique and unprecedent deal, based on its extensive experience and expertise as a large law firm in Korea.


ㆍRelated News Article

        [Money Today] Eugene Group Completes Acquisition of YTN Equity...Becoming the largest shareholder - February 15, 2024


​□ Attorneys in charge: Jeong Kyung-ho, Choi Jae-woong, Cho Seo-jin, Lee Hye-jun, Kim June-young, Park Hyun-jin and Lee Seong-jun