Flashlight Capital Urges Samsung Affiliates to Auction 20.6% S-1 Stake

Business Wire··KRSG·Read original
2▲1 ▼0Impact / 5
Summary · why it matters

Flashlight Capital Partners is calling on five Samsung Group affiliates to sell their combined 20.6% stake in S-1 Corporation through an open auction after they rejected its KRW906.6 billion offer. The Singapore-based activist investor said the five affiliates — Samsung SDI, Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Card and Samsung Securities — declined its August 27 offer to buy their entire holding of 7,815,656 shares at KRW116,000 per share, citing insufficient certainty of completion rather than price. That offer represented a premium of approximately 45% to S-1's closing price on August 26 and exceeded the stock's all-time high. Flashlight Capital founder and managing partner Sanghyun Lee said the affiliates' answer was not a refusal but a rejection of the structure, and argued that an open auction would let every credible buyer, strategic or financial, submit a firm offer. The firm noted that all five affiliates are listed companies whose directors owe duties to their own shareholders, and said holding a non-core minority stake indefinitely after turning down a substantial premium is difficult to reconcile with those duties.

Impact on assets 7

Financials▲ · 4 stocks
Samsung Life
032830
± MixedCapitalrelevance

Flashlight Capital urges Samsung Life and four other affiliates to auction their 20.6% S-1 stake after rejecting its KRW906.6bn offer, a governance/valuation event for the affiliate.

Samsung Fire & Marine Insurance
000810
± Mixedrelevance

Named as one of five Samsung affiliates that rejected Flashlight's offer to buy its S-1 stake; no clear positive or negative driver for the insurer itself.

Samsung Securities
016360
± Mixedrelevance

Named as one of five Samsung affiliates that rejected Flashlight's offer to buy its S-1 stake; no clear positive or negative driver for the broker itself.

Samsung Card Co. Ltd.
029780
± Mixedrelevance

Named as one of five Samsung affiliates that rejected Flashlight's offer to buy its S-1 stake; no clear positive or negative driver for Samsung Card itself.

Smart City / Autonomous Infrastructure▲ · 1 stocks
S-1 Corp
012750
▲ PositiveCapitalrelevance

Activist investor is pushing for an open auction of the 20.6% S-1 stake after a rejected offer at a ~45% premium to the prior close.

Electrification & Mobility▲ · 1 stocks
Samsung SDI
006400
± Mixedrelevance

Named as one of five Samsung affiliates that rejected Flashlight's offer to buy its S-1 stake; no clear positive or negative driver for Samsung SDI itself.

Artificial Intelligence▲ · 1 stocks

Off-coverage companies 1

Flashlight Capital PartnersPrivate± Mixed
relevance

© 2026 MarketIVNews