NHN not up for grabs; CEO claims a misquote

Chae Hwi-young

Responding to a report by the Associated Press, NHN Corp., Korea’s largest Internet portal service provider, denied yesterday that it is vulnerable to takeover.
An AP article Wednesday quoted NHN CEO Chae Hwi-young as saying, in an interview with Dow Jones Newswires, that NHN is interested in acquiring a company with advanced search engine technology and that the company “doesn’t mind becoming a takeover target if the case makes sense.”
But in a press release yesterday, NHN said that the reporter had asked Chae if he had any intentions to participate in negotiations for a takeover, and that Chae had answered, “If it’s a proposal that benefits the company’s growth, we could discuss it.”
The company said that this answer on Chae’s behalf was only a theoretical one and that Chae was “extremely sorry that the nuance of his comment was misinterpreted.”
Through the statement, Chae said that the company is not reviewing or discussing any takeover bids, and that the company has no plans to be taken over in the future.
NHN is the largest company listed on the secondary Kosdaq exchange and is more than 50 percent foreign-owned.

By Wohn Dong-hee Staff Writer [wohn@joongang.co.kr]