[Special Stock] Doosan Robotics Plummets Amid Governance Restructuring Collapse Risk... New Low

Doosan Robotics continued its five-day losing streak, hitting a 52-week intraday low.

As of 9:17 a.m. on the 10th, Doosan Robotics was trading at 52,200 KRW, down 5,200 KRW (9.06%) from the previous day. During the session, the stock fell to 51,900 KRW, marking a 52-week intraday low.

The risk of the group’s governance restructuring plan falling through is believed to be affecting the stock price. Doosan Group had been pushing a business restructuring plan to transfer Doosan Bobcat shares held by Doosan Enerbility to Doosan Robotics, but the plan is now at risk due to the stock price decline caused by the state of emergency. Doosan had offered shareholders opposing the merger a stock purchase right, promising to buy shares at a predetermined price if the stock price fell below a certain level. However, the gap between the promised price and the actual stock price widened due to the state of emergency, leading to higher-than-expected cost burdens. Doosan Enerbility is expected to hold a board meeting soon to decide whether to convene an extraordinary shareholders’ meeting.

Meanwhile, the National Pension Service (NPS) expressed conditional support for the merger between Doosan Enerbility and Doosan Robotics, but considering the current stock price situation, this is effectively interpreted as abstention. The NPS Stewardship Committee announced at its 15th meeting held the previous day that it had decided on the voting direction for the shareholders’ meeting agenda of Doosan Enerbility and Doosan Robotics. The committee expressed conditional support for the approval of the division-merger agreement with Doosan Robotics proposed at Doosan Enerbility’s extraordinary shareholders’ meeting. The condition for support is that if Doosan Enerbility’s stock price exceeds the planned exercise price of the stock purchase right of 20,890 KRW as of the deadline for merger opposition notification on the 10th, the committee will vote in favor; otherwise, it will abstain. The same conditional support decision was made for Doosan Robotics’ extraordinary shareholders’ meeting. If Doosan Robotics’ stock price exceeds the planned exercise price of 80,472 KRW as of the merger opposition notification deadline (the 10th), the committee will vote in favor; otherwise, it will abstain. Currently, the stock prices of both companies are significantly below the prices proposed by the NPS.