Gabia plans to disclose a recommendation early next week on whether it should express an opinion on Macquarie Asset Management’s tender offer and what that opinion should contain. The company has defended the independence and work of its special committee, which was restructured from two independent directors to three outside experts: two law school professors and one business administration professor. The committee is reviewing the transaction’s purpose, terms and procedures, with Shin & Kim LLC serving as legal counsel after accounting firms declined financial-adviser roles because of conflicts involving the tender offeror. Macquarie agreed through DCK Investment to acquire a 24.4% stake held by Gabia’s largest shareholders, including CEO Kim Hong-guk, offering ordinary shareholders ₩48,000, or about $35, per share through the 17th. If successful, the offer would be followed by plans for voluntary delisting and full subsidiary conversion. The dispute has also prompted an unprecedented employee statement at Gabia, where 334 of 411 employees signed a demand for management continuity and said uncertainty was delaying hiring and new investment decisions, although infrastructure and services continue to operate normally.