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  "documentTitle": "Hyundai Motor Group",
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  "notes": "The slide uses a grid of testimonials to build a consensus narrative against the proposed deal.",
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      "text": "Majority of responses to the HMG Restructuring Plan have expressed similar concerns",
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      "kind": "quote",
      "text": "Deal does NOT benefit Mobis: We stand firm on our view, which prompted our recent downgrade of Mobis, that the proposed Mobis/Glovis deal does not benefit Mobis' existing shareholders.",
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      "text": "We view management's decision today as merely a removal of circular ownership structure to cope with the government's request to enhance operational transparency...",
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      "text": "Shares of Mobis were down 1.7 per cent on Thursday afternoon after sliding by as much as 8 per cent in morning trade on investor concerns...",
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      "text": "Given that the calculation involves value estimation of two new entities, the implication for Mobis is more complicated than for Glovis shareholders.",
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      "text": "Mobis shareholders get a rough deal. The transaction values the divested businesses at 9.3 trillion won ($8.7 billion), or just 8.6 times last year's earnings.",
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      "text": "Shares of Mobis dropped almost 7 percent on Friday, hurt by worries that a proposed restructuring plan would benefit the parent group's controlling family at the cost of the company's shareholders...",
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      "text": "On balance, we believe the spin-off/merger is neutral to existing Mobis shareholders. First, the merger ratio may leave existing shareholders somewhat unhappy.",
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      "text": "We believe this is not a favorable deal for MOBIS shareholders: During the call, company indicated that of its W24-25tr market cap, it is roughly valuing the remaining core parts...",
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      "text": "Deal does NOT benefit Mobis: We stand firm on our view, which prompted our recent downgrade of Mobis, that the proposed Mobis/Glovis deal does not benefit Mobis' existing shareholders. — Morgan Stanley, 18 April 2018",
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