이 기사는 2019년 11월 06일 08:00 thebell 에 표출된 기사입니다.

A consortium of Hyundai Development Company (HDC) and Mirae Asset Daewoo has finished the preparation for participation in the final bidding for Asiana Airlines.

The consortium has formed a task force composed of accounting and legal experts along with staff from each company. The task force, reportedly made up of over 80 people, used two meeting rooms in HDC's head office, working together to review accounting and legal issues of the national flag carrier and conduct detailed due diligence during the last month and a half.

According to M&A industry sources on November 1, the task force has completed a report and its members returned to their office last week. The consortium is setting its final strategies to win the deal based on the report's findings. The report will also likely play an important role when the consortium establishes bidding strategies concerning non-financial factors.

HDC and Mirae Asset Daewoo have already prepared a plan on raising funds for acquisition. HDC has recently signed a letter of commitment (LOC) with a major securities firm, other than Mirae Asset Daewoo, to issue corporate bonds worth 500 billion won if the consortium won the deal.

Together with its cash holdings, HDC is likely capable of deploy more than one trillion won by itself. Considering the investment ratio between HDC and Mirae Asset Daewoo estimated to be 6.7 to 3.3, Mirae Asset Daewoo is expected to pull in over 500 billion won. This means that the consortium could bet as much as 1.5 trillion to 2 trillion won on the airline.

Now what is left is the executive management's decision on the final bidding price.

"HDC- Mirae Asset Daewoo consortium has worked hard to prepare [for the final bidding]. They conducted extensive due diligence together with external advisory firms and established bidding strategies based on massive findings," said an industry insider.

A spokesperson of the consortium said, "We have prepared [for the final bidding] carefully and meticulously. [Decision on] a final bid is the most important part."

(By reporter Go Seul-bong)