The nominations of four directors chosen by Hahn & Company were voted down by shareholders of Namyang Dairy Products Tuesday.
Namyang Dairy Products Chairman Hong Won-sik has formally scrapped the takeover of the company he leads and controls, informing the buyer that the deal is off.
Hahn & Company sued the chairman of Namyang Dairy Products last week to get him to complete a sale of the company, as promised in May.
Namyang Dairy Products Chairman Hong Won-sik apologizes at a press conference held on May 4 after the company came under fire for a claim that its Bulgaris yogurt drink protects against Covid-19. [JOONGANG PHOTO]
The former chairman of Namyang Dairy Products has sold all his shares in the company following much criticized claims that the Bulgaris yoghurt drink protects against Covid-19.
The chairman of Namyang Dairy Products offered to resign following claims that one of the company’s drinks protects against Covid-19 infections.
Namyang Dairy Products CEO offered to resign following claims that one of the company’s drinks protects against Covid-19 infections.
Shares of Namyang Dairy Products spiked to 489,000 won ($440) during morning trading on Wednesday after the company claimed its yogurt reduces the chance of Covid-19 infection, but plunged to close at 360,500 won.