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Biz News Korea(Eng)
Multiple bidders join race to buy Kumho Tire
- Collected
- 2016.11.10
- Distributed
- 2016.11.14
- Source
- Go Direct
According to sources from the investment bank industry on Wednesday, Kumho Tire’s creditors led by state-run Korea Development Bank (KDB) have received preliminary bids from a number of local and foreign PEFs, as well as foreign tire makers. KDB and other creditors including Woori Bank and KB Kookmin Bank have been seeking to sell their combined 42.01 percent stake in Kumho Tire that entered into workout program in 2009.
However, Kumho Asiana Group Chairman Park Sam-koo who is putting out efforts to regain control of core units including Kumho Tire that the group lost its control reportedly did not take part in the preliminary bidding. Park is now left with the only option to exercise his right of first refusal to buy Kumho Tire. The right would allow him to purchase the stakes under the same terms as the preferred bidder.
Creditors are expected to shortlist preferred bidders as early as Thursday and receive final bids early next year after conducting due diligence.
By Kang Doo-soon, Kim Jung-hwan
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]