[Breaking] Edison Motors Fails to Acquire Ssangyong Motor "M&A Investment Contract Terminated"
[Asia Economy Reporter Yoo Hyun-seok] Ssangyong Motor announced on the 28th that it has terminated the merger and acquisition (M&A) investment contract with the Edison Motors consortium.
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The company stated, "We obtained approval from the Seoul Rehabilitation Court and signed an M&A investment contract with the Edison Motors consortium on January 10th. However, the Edison Motors consortium failed to deposit the acquisition funds by the deadline, which was five business days before the creditors' meeting scheduled for April 1st, specifically by the 25th. Therefore, the contract was automatically terminated in accordance with the M&A investment agreement."
This content was produced with the assistance of AI translation services.
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