U.S. hedge fund Elliott ramped up its campaign against a proposed $8 billion merger of two Samsung Group [SAGR.UL] firms, creating a website to lay out its case and saying it wants corporate governance improvements rather than an unfair deal.

In a rare case of shareholder activism in South Korea, the fund has filed two injunction requests to block the merger. The deal is a key step in Samsung Group’s ongoing efforts to ensure a stable leadership transfer for the founding Lee family.

The new website, launched a day before the first court hearing on the injunctions, included a 27-page presentation detailing its arguments on why shareholders in construction firm Samsung C&T Corp should not accept the $8 billion all-stock takeover offer from sister company Cheil Industries Inc.

“Elliott’s moves show an understanding of South Korea,” said Kim Sang-jo, an economics professor at Hansung University, adding that the fund was trying to signal an intent to be a long-term investor instead of one seeking a quick profit.

“They are trying to show that they have a strategy that could benefit not only Samsung C&T shareholders but also investors in other Samsung companies.”

Elliott, the third-largest shareholder in C&T with a 7.1 percent stake, said in a statement on Thursday that it is supportive of the conglomerate’s restructuring needs but said the conglomerate should “properly recognize” Samsung C&T’s value.

Samsung C&T said in a statement that Elliott appeared to be repeating its arguments to date and that it would move forward with the merger to maximise shareholder value.

(Additional reporting by Sohee Kim; Editing by Edwina Gibbs)

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