Naver Financial 收购 Dunamu（Upbit 运营商）综合换股第三次延期，交割推至2027年3月底

The integration of Dunamu into Naver Financial has been delayed again. It is the third postponement since the transaction was announced late last year. The share swap, initially scheduled for the end of June this year, has been pushed back by nine months to the end of March next year.
Naver stated on October 7 in a revised regulatory filing that it had changed the date for the comprehensive share swap between its subsidiary Naver Financial and Dunamu from December 31 this year to March 31, 2027.
The shareholders’ meeting to vote on the comprehensive share swap has also been postponed from November 19 to February 26 next year.
Under the transaction, Naver Financial will acquire all outstanding shares of Dunamu and make the crypto exchange operator a wholly owned subsidiary. Once completed, Dunamu will become a wholly owned subsidiary of Naver Financial and a second-tier subsidiary of Naver.
The terms of the share swap remain unchanged. The existing ratio of 2.5422618 common shares of Naver Financial for each common share of Dunamu will be maintained.
This is the third change to the share swap schedule.
The companies initially set June 30 this year as the share swap date. They postponed it to September 30 in March and then pushed it back again to December 31 in July. With the latest revision, completion of the transaction has been delayed to March 31 next year.
The shareholders’ meeting has also been postponed from the original date of May 22 to August 18, then November 19, and now February 26 next year.
Naver Financial previously said during the two earlier schedule changes that the delays were intended to secure sufficient time for a stable closing of the transaction, taking into account regulatory procedures including the Korea Fair Trade Commission’s (KFTC) review of the business combination and filings with financial authorities.
The combination of the two companies requires regulatory procedures including the KFTC’s business-combination review, approval for a change in Naver Financial’s largest shareholder and notification of its concurrent business operations, as well as approval of the report on the change in Dunamu’s largest shareholder.
Naver Financial plans to make Dunamu a wholly owned subsidiary through the comprehensive share swap and secure digital-asset businesses as a new growth driver.
However, with the transaction closing delayed for the third consecutive time, the combination of the two companies, which had initially been targeted for the first half of this year, will now extend into next year. The reason for the schedule change in the latest revised filing was listed as “changes to the share swap schedule and related matters.”