While "activist funds" that exercise voting rights demanding improvement in corporate governance and shareholder return policies are emerging as a hot topic, a coalition of five activist funds, including British asset management company City of London, Whitebox Advisors in the U.S., and Korea's Anda Asset Management, have submitted proposals as shareholders to Samsung C&T with the so-called "wolf pack" strategy.
Although their proposals were rejected, they received favorable evaluation for achieving a modest reduction in the undervaluation of Samsung C&T, leading to a rise in stock price. In addition, the activist fund coalition expressed their intention to maintain long-term holdings, citing their high assessment of Samsung C&T.
Although their proposals were rejected, they received favorable evaluation for achieving a modest reduction in the undervaluation of Samsung C&T, leading to a rise in stock price. In addition, the activist fund coalition expressed their intention to maintain long-term holdings, citing their high assessment of Samsung C&T.
LIN served as legal counsel for the activist fund coalition.
LIN's attorney Hyun Su Do said that while Samsung C&T's performance was outstanding, shareholders continued to see losses, and also argued that inefficient capital allocation, weak corporate governance, and unclear strategies are the reasons. Although all proposals from activist funds were ultimately rejected, LIN established itself as a competitive law firm in corporate control disputes through its representation of these funds.
Attorney Hyun Su Do of LIN (30th class of the Judicial Research and Training Institute) from Kim & Chang is in charge of advisory work in various fields such as mergers and acquisitions (M&A), direct investment, corporate governance, joint ventures (JV), capital markets, and financial transactions.
Attorney Jong Sik Kim (37th class of the Judicial Research and Training Institute) and U.S. Attorney Milosz Zurkowski, who served as legal representatives of the activist fund coalition along with attorney Do, are also from Kim & Chang. Attorney Kim is handling various tasks such as M&A, antitrust, general corporate advisory, corporate control disputes, medical law, and litigation to name a few. Attorney Zurkowski provides advice on all areas of business, including establishing foreign companies in Korea and complying with labor laws. He specializes in overseas asset managers' registration of domestic offshore funds.
In addition, LIN is currently acting as Jung jae Lee’s legal representative in the corporate control dispute between Jung Jae Lee and Raemongraein. Attorney In Chul Kang, Yu Na Kim, Su Hyung Hong, Ji Yeon Hwang are working on the case along with attorney Do. Among them, attorney In Chul Kang was appointed as a prosecutor in 1995 and became a judge in 1999, and then served as a senior judge in the Seoul Southern District Court, Seoul Central District Court, and Seoul Northern District Court. In particular, in April this year, he successfully led the Constitutional Court's decision on the unconstitutionality and nonconformity to the Constitution of the statutory reserve system.
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