South Korea’s leading auto parts maker Dual Industrial has withdrawn its plan to take over SG BK’s Bithumb cryptocurrency exchange.
The decision came out after Dual found SG BK’s breach of core contract contents. It said SG BK failed to honor its request for remedial action for violation of the key contract contents.
Thus Dual has decided to cancel its takeover plan. SG BK returned $6 million in initial contract money. Dual said it had planned to take over 57.41 percent of SG BK’s shares at 235.7 billion won.
SG BK said it would take legal action against Dual for spreading a false rumor, saying that no contract was made between SG BK and Dual. However, Dual said it would take a counter-legal action against SG BK.
Following the cancellation of the takeover contract, Dual share prices fell on the Korea Stock Exchange Wednesday.
