EOFLOW Ends Acquisition Contract with Medtronic, Withdraws Paid-in Capital Increase

EOFLOW announced on Dec. 7 that it has terminated its acquisition contract with Medtronic, which was initially signed in May. The company disclosed the termination of the acquisition contract with Medtronic, leading to the withdrawal of the paid-in capital increase and the annulment of the stock transfer agreement that involved a change in the major shareholders.

Previously, EOFLOW’s founder and CEO Kim Jae-jin and others had signed a stock sale agreement with Medtronic in May, agreeing to transfer all EOFLOW shares they held at 30,000 won per share.

CEO Kim Jae-jin stated, “Over the past few weeks, both sides have tried to find a mutual agreement. However, due to fundamental differences in perspective with Medtronic, which views our recent situation as uncertain, we decided to terminate the contract.”

He added, “Even after this contract termination, there is still significant mutual interest. Medtronic will continue to closely monitor the situation between our company and Insulet Corporation.”

Regarding the ongoing legal dispute with a competitor in the United States, Kim mentioned, “Our legal team believes we have an advantage in the appellate review of the injunction, as it involves legal disparities, and is primarily being reviewed by three federal judges well-versed in the law.”