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Proxy advisor Glass Lewis urges vote against Hyundai Mobis spin-off merger plan

SEOUL, May 15 (Reuters) - Proxy advisor Glass Lewis has recommended shareholders reject Hyundai Mobis Co Ltd’s proposed spin-off merger plan, citing “questionable business logic” and “inadequate valuation”, according to the advisor’s report seen by Reuters.

In March, Hyundai Mobis, a parts affiliate of Hyundai Motor Co, announced its plan to spin off its domestic module and after-service parts businesses and merge them with logistics affiliate Hyundai Glovis Co Ltd, a plan which will be put to a shareholder vote on May 29. (Reporting by Liana Baker in NEW YORK, Hyunjoo Jin in Seoul)

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