BNK Financial, JB Financial Boards Reject Merger Review; Vote 5-2-1 Against Activist Fund Proposal

According to Yonhapinfomax, BNK Financial Group and JB Financial Group boards voted today, July 28, to reject a proposal from activist fund Align Partners to initiate a merger feasibility review. BNK Financial's board, comprising 8 directors, voted 5 against, 2 in favor, and 1 abstention on the motion. Align Partners, which holds over 1% of BNK Financial and 14.83% of JB Financial, had requested both companies establish a special committee with independent directors and engage global investment banks to assess the merger's strategic and financial viability.
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