Eastar Air Acquisition, Ssangbangwool Group Sole Bidder... Harim Withdraws from Acquisition
[Asia Economy Reporter Lee Seung-jin] Ssangbangwool Group has been the sole participant in the public bidding for Eastar Jet, which is undergoing corporate rehabilitation procedures.
According to industry sources on the 14th, Eastar Jet closed the submission of final M&A bid documents at 3 PM that day. Ssangbangwool Group was the only bidder to submit documents for the final bid.
More than ten potential buyers, including Harim Group and private equity fund managers, received acquisition-related materials, but only Ssangbangwool Group participated in the final bid. It is analyzed that the burden of Eastar Jet's debt amounting to 200 billion KRW deterred actual bidding.
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Harim Group also submitted a letter of intent to acquire but reportedly did not participate in the final bid due to financial burdens related to the Paicity site in Yangjae-dong, Seoul, which it acquired in 2016.
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