Nexon pressures NCsoft as largest shareholder
After purchasing enough shares to become NCsoft’s largest shareholder last year at 15.1%, Nexon is attempting to put pressure on its rival to conform to certain demands. However, tensions are running high as NCsoft is pushing back against those proposals.
Last week, Nexon issued a proposal to NCsoft with an unspecified deadline to allow Nexon to appoint a board member, sell certain non-core assets, disclose wages for unregistered board members, and adopt an electronic voting system for shareholders, among other demands. NCsoft responded to the proposal although the specifics of the response were not revealed.
Nexon also released its fourth quarter 2014 financial report today. While the company celebrated an increase in revenues of 25% year-over-year, it is still operating at a $4.13 million (4.5 billion KRW) net loss for the quarter.[Source: Nexon press release, Korea Times, Korea Herald]