[Special Stock] PI Cheomdan Sosae, Acquisition Battle Anticipated... Stock Price Surges Over 4%
![[Special Stock] PI Cheomdan Sosae, Acquisition Battle Anticipated... Stock Price Surges Over 4%](http://www.asiae.co.kr/news/img_view.htm?img=2022040711064719544_1649297207.jpg)
[Asia Economy Reporter Minji Lee] The acquisition battle for PI Advanced Materials, the world's No.1 polyimide (PI) film company, is expected to be competitive, driving the stock price upward.
At 11:05 a.m. on the 7th, PI Advanced Materials was trading at 48,700 KRW, up 4.73% from the previous trading day. The stock price surged to as high as 51,300 KRW during the session.
According to a report this morning, mid-sized company Iljin and Hanwha Group participated in the preliminary bidding for PI Advanced Materials, which closed at 6 p.m. the previous day. Lotte, initially expected to lead the acquisition battle, reportedly did not participate in this bidding. As a result, about 10 parties, including Iljin Group and financial investors such as the Carlyle Group, took part in the preliminary bidding.
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The sale target is a 54% stake in PI Advanced Materials held by Glenwood Private Equity (PE), a private equity firm, with JP Morgan acting as the lead manager for the sale.
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