Credu Corp. (KOSE:A067280) agreed to acquire SERICEO Co., Ltd. for KRW 14.5 billion in stock on August 19, 2013. As a part of consideration Credu Corp. will issue 0.29 million shares as part of the consideration. As per the terms, Credu Corp. will issue 14.9189058 for each share of SERICEO Co., Ltd. Post transaction, Credu Corp. will survive and SERICEO Co., Ltd. will be dissolved. The transaction is resolved by Board of Directors of Credu Corp. on August 19, 2013. The contract is expected to be signed on August 22, 2013. The transaction is subject to approval from Board of Directors of Credu Corp scheduled for September 24, 2013. The transaction is expected to close on November 1, 2013 and merger registration date is expected to be November 6, 2013.

As of September 24, 2013, the transaction has been approved by Board of Directors of Credu Corp.