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[All] [Exclusive] 'Investors Met by Min Hee-jin' are Song Chi-hyung, Chairman of Dunamu, and Choi Soo-yeon, CEO of Naver
Min “Chairman Song, New Jeans fan… private place”
Hive side: “Approaching to secure management rights”
“The two trees are one body with the hive and the voting rights.
“I can’t help Representative Min usurp management rights”
It has been confirmed that Adore CEO Min Hee-jin (46), who is in a legal battle with Hive led by Chairman Bang Si-hyuk (52), met with Dunamu CEO Song Chi-hyung (45) and Naver CEO Choi Soo-yeon (43). Hive claimed that CEO Min met them as investors, but it has been reported that Chairman Song and CEO Choi, who are fans of New Jeans, attended dinner with CEO Min and an acquaintance. It has also been reported that Chairman Bang tried to introduce Chairman Song to CEO Min before this.
![[Information/News] [Exclusive] 'Investors Met by Min Hee-jin' are Song Chi-hyung, Chairman of Dunamu, and Choi Soo-yeon, CEO of Naver | Instiz](http://file3.instiz.net/data/cached_img/upload/2024/05/21/8/77fbee0120e4e2d10d325da237f1a9e8.jpg)
According to an investigation by the Seoul Shinmun on the 20th, it was confirmed that the senior officials of Dunamu and Naver that Representative Min met with in March were Chairman Song and CEO Choi, respectively. At the injunction hearing for the prohibition of exercising voting rights held at the 50th Civil Agreement Division of the Seoul Central District Court (Presiding Judge Kim Sang-hoon) on the 17th, Hive claimed that Representative Min met with senior officials of D Company (Dunamu), a shareholder of Hive, and N Company (Naver), a joint venture partner, with the aim of gaining management rights.
Dunamu and Naver have stated that they have “nothing to confirm” about this. The two companies maintain a close cooperative relationship with Hive, and in particular, Dunamu is the third-largest shareholder of Hive with a 5.6% stake after exchanging shares worth hundreds of billions of won with Hive through a third-party allocation paid-in capital increase in November 2021.
In this respect, it is pointed out that Dunamu and Naver cannot be used as a means to usurp management rights.
A lawyer specializing in corporate mergers and acquisitions (M&A) pointed out that, “Doonamu is not a general major shareholder, but rather a joint owner of Hive’s shares along with Chairman Bang and Netmarble,” and that, “Since the joint owners agreed to jointly exercise voting rights, they cannot usurp management rights from Hive (by helping CEO Min).”