CJ will proceed as planned with its plan to acquire shares of CJ CGV by contributing shares of its subsidiary CJ OliveNetworks in kind.
On the 3rd, CJ announced, "As a result of appealing the disapproval of the appraisal report related to the in-kind contribution of CJ OliveNetworks shares, we received a notification of the cancellation of the first trial decision and the approval of the appraisal report in this case."
Previously, CJ had appealed against the court's dismissal of the approval for the appraisal report necessary for the plan to acquire new shares of CJ CGV through an in-kind contribution.
The court approved a paid-in capital increase by third-party allotment with the original plan of issuing shares at 10,300 KRW per share, totaling 440 billion KRW. According to this, CJ's stake in CJ CGV will increase from 33.62% to about 50%.
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