Genesis BBQ Submits Letter of Intent to Acquire Wemakeprice... "Reviewing Financial Statements"

LOI Submitted Last Week
"Nothing Has Been Decided"

Chicken franchise Genesis BBQ is considering acquiring WEMAKEPRICE, which is undergoing corporate rehabilitation procedures (court receivership).

According to industry sources on the 8th, BBQ submitted a letter of intent (LOI) last week. A BBQ official stated, "We submitted the letter of intent to review financial statements and other documents," adding, "It is at an initial review stage, and nothing has been decided concretely."

BBQ logo. Genesis BBQ

It is known that BBQ's consideration of acquiring WEMAKEPRICE is part of its business diversification strategy. If the acquisition is finalized, they plan to review platform utilization plans and pricing conditions.

Tmon and WEMAKEPRICE filed for corporate rehabilitation last July and selected EY Han Young as the lead sales agent to promote mergers and acquisitions (M&A) before the approval of the rehabilitation plan. Last month, Oasis, a fresh food dawn delivery specialist, was selected as the conditional acquirer of Tmon, leading to separate sales processes for Tmon and WEMAKEPRICE.

In the industry, the acquisition price for Tmon is estimated to be around 20 billion KRW, and for WEMAKEPRICE around 10 billion KRW. Due to the unsettled TMEP incident at the end of July last year, 530,000 people?including 470,000 buyers (130 billion KRW) and 56,000 sellers (1.3 trillion KRW)?suffered damages totaling 1.5 trillion KRW.

This content was produced with the assistance of AI translation services.