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Biz News Korea(Eng)
eBest securities to go to highest bidder in reverse auction
- Collected
- 2017.04.14
- Distributed
- 2017.04.17
- Source
- Go Direct
According to investment bank industry sources on Thursday, LS Network, the largest shareholder of eBest and its sales advisor Citi Global Markets Korea Securities will eliminate one out of the three or four bidders including local savings and loans institution Apro Service Group, fledgling private equity fund (PEF) operator Whale Investment, and Cape Investment & Securities (formerly LIG Investment & Securities) and to leave two to three pitted in a bidding war starting with preset minimum price.
The bidding race would go on without a deadline until a highest bidder is decided.
LS Network and its sale advisor have reportedly decided on progressive bidding procedure as the contestants stand too far apart in their merits and weaknesses.
The seller is expected to have the contenders submit bids again and pick a preferred bidder by the end of next week after considering their ability to source funds to complete the deal as a top priority. Apro, Whale and Cape are known to have offered around 400 billion won ($349 million) for eBest.
Although the bid for eBest has drawn multiple bidders, concerns are growing over their ability to complete the deal. Apro Service Group was recently found to have breached an agreement made during the deal to buy OK Savings Bank, raising doubts whether the government would approve its application to become a major shareholder. Also, it is unclear whether Whale Investment and Cape Investment & Securities have the ability to draw enough funds for the purchase.
By Kang Doo-soon and Chun Gyung-woon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]