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  "documentTitle": "Hyundai Motor Group",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2018-04-23 00:00:00",
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  "notes": "The diagram shows the post-tender offer ownership structure with treasury stakes highlighted.",
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      "kind": "diagram",
      "text": "Ownership structure diagram showing Founding Family, Hyundai Motor Holdco, Hyundai Motor Opco, Kia, and subsidiaries.",
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      "text": "The ratio of value of Hyundai Motor Holdco to Hyundai Motor Opco at tender offer is at 0.3 : 0.7 based on the average split ratio in recent precedents of demergers of Korean listed companies; Take-up rate of 0 - 10% by shareholders other than Founding Family and Hyundai affiliates based on the average take up rate of minority shares in recent precedents of demergers of Korean listed companies; Hyundai Motor Holdco offers treasury shares and additional cash (if needed) to all participating shareholders on a pro rata basis",
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      "text": "Source: Company filings",
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      "text": "Notes: These holding structures and percentage equity interests held by shareholders post each stage are being provided for illustrative purposes only. The actual resulting structures and percentage of equity holdings by shareholders will be subject to the terms and execution of multiple steps of restructuring transactions and many other factors including individual shareholders' choices and various other corporate decisions, which would be achieved on a consensual basis. For that reason, these figures do not, and cannot, reflect our view on any particular term or condition of the HMG Restructuring Plan beyond serving illustrative purposes. 1. Founding Family also holds 2.0% of Hyundai Wia.",
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      "kind": "title",
      "text": "Step III. Tender offer by Hyundai Motor Holdco for Hyundai Motor Opco shares",
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