SEOUL (Reuters) - Proxy advisor Glass Lewis has recommended shareholders reject Hyundai Mobis Co Ltd's (KS:012330) proposed spin-off merger plan, citing "questionable business logic" and "inadequate valuation", according to the advisor's report seen by Reuters.
In March, Hyundai Mobis, a parts affiliate of Hyundai Motor Co (KS:005380), announced its plan to spin off its domestic module and after-service parts businesses and merge them with logistics affiliate Hyundai Glovis Co Ltd (KS:086280), a plan which will be put to a shareholder vote on May 29.