Naver Financial and Dunamu have postponed their comprehensive share swap for a third time, moving the planned completion date from December 31, 2026, to March 31, 2027. According to SBS Biz's October 7 report, both companies filed amended disclosures revising the timetable for the comprehensive share swap. The companies have pushed the shareholder record date from October 22 to January 18, 2027, while the extraordinary shareholder meeting needed to approve the transaction has been moved from November 19 to February 26. The final share exchange is now scheduled for March 31, 2027. The schedule change reflects overall progress in the reviews, approvals and other procedures required to complete the deal, taking into account the size and complexity of the transaction.
The deal still requires comprehensive regulatory procedures including a Korea Fair Trade Commission business combination review and financial sector approvals linked to changes in major shareholders. As reported by SBS Biz, both sides are cooperating with reviews by the relevant authorities, submitting requested materials and explaining the purpose and need for the transaction. A Dunamu official stated they will faithfully undergo the reviews and various procedures necessary to close the transaction. To complete the share swap, the companies must undergo related procedures including business combination approval from the Fair Trade Commission, approval for a change in Naver Financial's largest shareholder and a concurrent business filing, as well as acceptance of a filing related to a change in Dunamu's largest shareholder.
Naver Financial plans to make Dunamu, the operator of South Korea's Upbit cryptocurrency exchange, a wholly owned subsidiary through the share swap. According to the companies, the transaction's basic structure, purpose and direction have not changed. Naver Financial intends to form an IPO committee within one year of completing the transaction, although no final decision has been made on a listing timetable or execution plan. The basic terms and structure of the deal remain unchanged, with Naver Financial becoming the wholly owned parent company holding 100% of Dunamu, and Dunamu becoming its wholly owned subsidiary.
The latest schedule change includes an adjustment to the appraisal rights period, which has been extended to February 26 through March 18, 2027, from the previous November 19 through December 9, 2026. This extension provides additional time for shareholders to exercise their appraisal rights in connection with the share swap transaction. The period for exercising appraisal rights was specifically adjusted to align with the revised timeline for the share swap completion.
