Deal approved by shareholders Tuesday
SEOUL — Taewon Entertainment, one of Korea’s leading movie production and distribution companies, will return to the stock market having been taken over by Eins Intl., a listed beauty products company.
Deal was put together in October and approved by shareholders on Tuesday.
In August Taewon announced that its major shareholders, including FireWorks Intl., an investment company backed by ABN Amro which also has a stake in Hong Kong commercial broadcaster Asia Television, and Cannizaro Asia Master Fund were to sell their shares to private buyers (Variety, Sept 1.) But the deal was scrapped when a broker was accused of insider trading. Taewon then pursued the Eins deal instead.
Fireworks sold its 35% holding to Eins in November.
Eins has previously been involved in media as the Korean venture partner of France’s Hachette Filipacchi Medias and is the Korean licensee of Elle and Premiere magazines.
Eins Intl. CEO Chung Hong-sik said on Wednesday that the company will change its name to Eins M&M and, following the merger with Taewon, focus wholly on media.
Taewon was New Line Cinema’s regular partner in Korea and Korean rights owner of “The Lord of the Rings” trilogy. Company was also producer of hit film franchise “Marrying the Mafia” and last year’s “Three Kingdoms: Resurrection of the Dragon.”