Kihyun is pleased to announce that it has successfully represented the purchaser, Skylake, in a case appealed to the Supreme Court of Korea. This case concerned the legitimacy of a purchaser's termination of a definitive agreement during an M&A transaction.

This matter stands as a landmark case in South Korea, providing a leading interpretation of the Material Adverse Effect (MAE) clause, which is a standard and critical provision in M&A agreements. The ruling is expected to have a significant and lasting impact on the future landscape of M&A practices in the jurisdiction.

For further details on this case, please refer to the following article and other related publications:

[M&A] Termination of M&A Agreement Deemed Valid Due to 'Deterioration of Target Company's Business Performance' - The Legal Times

Thank you.