Activist investor Flashlight Capital Partners intensifies its campaign against Samsung Group. The firm publicly urged Samsung Electronics Chairman Jay Y. Lee not to interfere with a bid for an affiliate's shares. The Singapore-based fund sent a letter to Lee. It requested that the boards of five Samsung affiliates independently consider its offer.
This move follows Flashlight Capital's August 27 offer. The firm offered to acquire a combined 20.6% stake in security firm S-1 Corporation. This stake is held by the five affiliates. The offer totals approximately 906.6 billion won. This equates to $678.7 million. Flashlight argues these affiliates lack strategic synergy by holding shares in a security company. The fund requested access to their shareholder lists to lobby them directly. The boards have until September 23 to respond to the offer.