The stock price shot up to the 50,000 won range in a single breath.
Having poured in all their available funds, Taesan Group could only watch helplessly.
When some media outlets published articles speculating that Jungsan was targeting Taesan, Jang Do-ung stated, “We only purchased shares to protect Taesan Group; we have no interest in the group’s management rights.”
At that, the media’s tone changed.
They glorified Jang Do-ung as a reliable guardian protecting Taesan Group.
In response to the series of events, Woo Hee-yeong summoned the group’s executives and held a countermeasure meeting.
“Report on the current situation first.”
“We have purchased an additional 3% of shares, bringing the group’s ownership stake to 23.5%.
Fortunately, the vulture funds haven’t bought any more since surpassing the 5% mark, but the problem is Jungsan Heavy Industries.
At this rate, we expect their holdings to increase by about 3% as well.”
In the end, it meant that despite pouring in all their funds, they hadn’t been able to narrow the gap with Jungsan Group.
On top of that, they hadn’t been able to stop the attack from the foreign funds led by the jackal-like vulture funds.
Woo Hee-yeong asked.
“How are the additional loan requests being handled?”
“Everyone is saying that further loans will be difficult.
In fact, they are viewing this situation with anxiety, and we’ve only heard that it might even be hard to extend the maturity of our existing loans.”
“Then what about persuading the major shareholders?”
“We are trying our best, but they say Jungsan Group made the same proposal, and they are avoiding giving a definite answer, telling us to work together well since we’re all one family anyway.”
“Hmm…”
“Under the current circumstances, the 10% stake held by the Taesan Family is expected to act as the casting vote.
The intentions of Honorary Chairman Jang Geun-ho of Iljin Group are the most important.”
Woo Hee-yeong was well aware of that fact too.
However, Jang Geun-ho had declared neutrality as soon as the management dispute broke out and was not getting involved at all.
The meeting continued for a while longer, but far from finding a solution, there were only negative reports, and even then, people were sparing with their words.
They still hadn’t accepted Woo Hee-yeong as chairman, and to make matters worse, Vice Chairman Jang Do-hun had jumped into the fight for management rights.
On top of that, it was unknown what stance Jungsan Group would take.
With the chaos reaching its peak, everyone was keeping a low profile, afraid that stepping forward unnecessarily might cause sparks to fly their way.