Singapore-based Flashlight Capital Partners has offered to buy a combined 20.6% stake in S-1 Corporation, South Korea's largest security services provider, from five Samsung Group units for Won906.6bn ($655mn). The offer represents a 45% premium to the previous closing price and marks the first takeover bid for a Samsung affiliate by an activist investor. Managing partner Sanghyun Lee stated the fund was emboldened by South Korea's revised Commercial Act, enacted in July 2025, which imposes a legal duty on directors to consider all shareholders' interests rather than prioritizing chaebol founding families.

Flashlight argues S-1 shares are undervalued, trading at roughly four times annual operating profit compared to 12 times for rival SK Shieldus. The fund claims this is a governance failure, noting every S-1 CEO for 25 years has come from Samsung Group without security sector experience. S-1 denies governance issues, citing independent directors, a Won3,200 dividend, and a payout ratio above 60%. The five Samsung boards — including Samsung SDI, Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Securities, and Samsung Card — must now respond. Japanese firm Secom holds a 25.65% stake in S-1 but has not been active in management.