Proxy advisor Glass Lewis urges vote against Hyundai Mobis spin-off merger plan

Hyundai Glovis

15/05/2018 24:26

SEOUL, May 15 (Reuters) - Proxy advisor Glass Lewis has
recommended shareholders reject Hyundai Mobis Co Ltd's
 012330.KS  proposed spin-off merger plan, citing "questionable
business logic" and "inadequate valuation", according to the
advisor's report seen by Reuters.
    In March, Hyundai Mobis, a parts affiliate of Hyundai Motor
Co  005380.KS , announced its plan to spin off its domestic
module and after-service parts businesses and merge them with
logistics affiliate Hyundai Glovis Co Ltd  086280.KS , a plan
which will be put to a shareholder vote on May 29.

 (Reporting by Liana Baker in NEW YORK, Hyunjoo Jin in Seoul)
 ((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685; Reuters
Messaging: hyunjoo.jin.thomsonreuters.com@reuters.net))