The transaction calls for TGY to purchase Asiana IDT's capital stock for United States Dollars ("USD") 63,076,925 in cash and 9,832,670 shares of TGY's common stock, which would represent 50% plus 1 share of all of the outstanding common stock of TGY based on the amount of shares currently outstanding and retirement of certain founders' shares.
Sang-Chul Kim, Chairman and Chief Executive Officer of TGY, stated, "After carefully considering numerous potential acquisition candidates, we are pleased to have identified such an attractive partner in Asiana IDT of the Kumho Asiana Group and its management team.
u Asiana IDT's current parent company will receive $63,076,925 of cash and 9,832,670 million TGY common shares upon completion of the transaction.
u TGY's existing public stockholders will own approximately 49% of Asiana IDT's common shares outstanding after the completion of the transaction (assuming no TGY shareholders vote against the transaction and elect to have their shares converted into cash pursuant to TGY's certificate of incorporation).
will become the combined company's largest shareholder, with 50%+1 of the common shares outstanding (assuming no TGY shareholders vote against the transaction and elect to have their shares converted into cash and the retirement of certain founders' shares).