This article was published on Jan. 15, 2025, at 5:38 p.m. on the CHOSUNBIZ MoneyMove site.
As Hanwha Group is pushing to acquire management rights in OURHOME, it has been confirmed that the fourth sibling among the four siblings, former Vice Chairman Ku Ji-eun, is in discussions with private equity fund (PEF) operator Alpha Capital about exercising a preemptive purchase right.
According to investment banking (IB) industry sources on the 15th, Alpha is internally discussing a plan to buy back the equities of siblings Ku Bon-sung, former Vice Chairman, and Ku Mi-hyun, Chairman, in collaboration with former Vice Chairman Ku.
An IB industry source noted, 'However, I understand that the FI that former Vice Chairman Ku is in contact with is not just Alpha.'
Currently, in OURHOME, the four siblings hold equity evenly. The eldest, former Vice Chairman Ku holds 38.56%, the second Ku holds 19.28%, the third Ku Myung-jin holds 19.6%, and the youngest, former Vice Chairman Ku Ji-eun holds 20.67%. The third Ku Myung-jin and the fourth former Vice Chairman Ku Ji-eun can exercise the preemptive purchase right over the other siblings' equity. If the siblings attempt to sell their equity to a third party, the remaining siblings have the right to purchase it first under the same conditions.
So far, former Vice Chairman Ku Ji-eun's side has been in contact with financial investors (FIs) to exercise the preemptive purchase right. As Hanwha has agreed to acquire the first and second equity at 65,000 won per share, it is estimated that former Vice Chairman Ku will need to purchase their equity for 860 billion won to exercise the preemptive purchase right.
However, Hanwha appears to maintain the stance that it has already provided the Ku side with several opportunities to exercise the preemptive purchase right. From September to November of last year, opportunities were granted, and because former Vice Chairman Ku did not accept them, the preemptive purchase right has effectively expired.
Additionally, Hanwha has reportedly completed negotiations for equity purchase with former Vice Chairman Ku Bon-sung and Chairman Ku Mi-hyun, and is aiming to sign a stock purchase agreement (SPA) early next month.
On the other hand, former Vice Chairman Ku's side has claimed that it has not yet formally received the proposal to exercise the preemptive purchase right and that the process has not even properly begun.