Naver shareholder makes $267m through block sale

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By Rashmi Kumar
30 Sep 2014

A shareholder in South Korean company Naver Corp has raised W287.7bn ($267m) by selling a chunk of his shares in the tech group, in a deal that was launched fully covered and allowed the lead to exercise a greenshoe option.

The selling shareholder was board member Joon-Ho Lee, who offered investors a 1.1% stake, or 350,000 shares, reducing his holding to 2.6%. The deal was marketed at a price range of W805,100-W822,000, a 1%-3% discount to the September 29 close of W830,000.

The deal had plenty of ...

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