Gabia plans to disclose early next week whether it will recommend Macquarie Asset Management’s tender offer and what position it will take, after restructuring its special committee to include three outside academic experts. Founder and CEO Kim Hong-guk rejects claims that the transaction is intended to preserve management control, saying Macquarie’s request for continuity reflects the capital needs of Gabia’s long-term Internet Data Center (IDC) business. Through DCK Investment, a special purpose company (SPC), Macquarie has agreed to acquire a 24.4% stake held by Kim and other largest shareholders and is offering ordinary shareholders 48,000 won, approximately $35, per share for up to 9,805,505 shares through the 17th. If successful, Macquarie plans to make Gabia a wholly owned subsidiary and pursue voluntary delisting. The special committee is reviewing the transaction’s purpose, terms and procedures, with Shin & Kim LLC as legal counsel; accounting firms declined financial-adviser roles because of conflicts involving the tender offeror. The governance dispute with activist fund Align Partners includes board-expansion demands after Align won two director appointments at the March shareholders’ meeting. Separately, 334 of 411 employees excluding registered directors signed a statement seeking management continuity and long-term investment, while saying uncertainty has delayed hiring and new-investment decisions but that infrastructure and services continue to operate normally.