Woongjin Delays Preedlife Acquisition... "Postponed to Next Month"

Postponed to June 13
Woongjin: "Proceeding Without Any Disruption"

On May 30, Woongjin announced that it would postpone the completion of its acquisition of Preedlife, originally scheduled for that day, to June 13, two weeks later. The company explained that this adjustment was made because the corporate merger review process by the Fair Trade Commission is still ongoing.

Woongjin logo. Woongjin

A Woongjin representative stated, "The delay in timing is merely a scheduling issue, and all funding, including equity investment and acquisition financing, has been completed as planned, so there is no disruption to the acquisition itself." The representative added, "We are doing our best to ensure the transaction is completed as quickly as possible."

As a result, the schedule for forming Preedlife's board of directors has also been postponed. According to the original plan, an extraordinary general meeting of shareholders was to be held on May 30, and three candidates, including Woongjin Holdings CEO Yoon Saebom, were to be newly appointed as registered directors. However, with the acquisition timeline delayed, the extraordinary general meeting has been rescheduled for June 13.

Woongjin plans to begin actively pursuing the stabilization of Preedlife's management and its long-term growth strategy as soon as the necessary procedures are completed.

A Woongjin representative said, "We will do our utmost to maximize synergy between the two companies and to become a leading 'total life care solution' provider."