Flashlight Capital Partners (FCP) offered to acquire a 20.6% stake in security firm S1 Corp. The Singapore-based activist fund is targeting shares held by five Samsung affiliates, including Samsung Life Insurance.
The all-cash offer totals ₩906.6 billion. This valuation represents approximately $678.7 million. FCP proposed a price of ₩116,000 per share. The bid reflects a 45% premium over recent market prices.
FCP argues that affiliates like Samsung Life and Samsung SDI lack strategic reasons to hold the stake. Divesting would free up capital for core businesses or shareholder returns.
The fund sent letters to the affiliate boards and Samsung Electronics Chairman Lee Jae-yong. The affiliates have until September 23, 2026, to respond to the proposal.