Bidding for Hyosung Capital delayed Move to give foreign investors more time
Translated by Ryu Ho-joung 공개 2020-06-25 08:00:30
이 기사는 2020년 06월 25일 08:00 thebell 에 표출된 기사입니다.
Foreign potential buyers for South Korean financial services firm Hyosung Capital have been given two more weeks to prepare their preliminary offers.Deal manager BDA Partners on Monday afternoon notified prospective bidders for Hyosung Capital that the first round of bidding would be delayed two weeks. As a result the bidding originally scheduled for June 26 will likely take place on around July 10.
The postponement was done to give enough time to foreign investors who are unable to perform on-site due diligence due to Covid-19 travel restrictions, sources said Tuesday. They are said to be in the process of hiring accounting firms in the country to help conduct due diligence.
Hyosung Group had initially considered going ahead with the original schedule and allowing foreign investors to submit belated offers. But this option was ultimately rejected, according to sources, because of internal concerns over a possible leak of information that could affect fairness among potential bidders.
“Since foreign investors account for a large portion of potential bidders for Hyosung Capital, the seller will likely fully consider their voices during the bidding process,” an industry insider said. “The change in the bidding schedule appears to hardly affect investors’ interest in the target.”
China’s Ping An International Financial Leasing and some strategic investors from Japan and Australia are among more than 10 prospective bidders for Hyosung Capital. Several private equity firms in the country also expressed interest in the company.
Foreign strategic investors, which are seeking synergies with their existing financial leasing business, are said to be more aggressive in buying the company than private equity rivals. Any foreign potential buyer who wins the bidding war would not need to obtain approval on the deal from the country’s financial regulator.
Hyosung Group needs to complete the sale of Hyosung Capital by the end of December to comply with local regulations that forbid a non-financial holding company from owning a stake in a financial services company. The conglomerate is seeking valuation of about 416.7 billion won ($345.9 million), which represents a price-to-book ratio of one, or more. The bidding process is expected to take at least four months.
(Reporting by Ik-hwan Choi)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- 우리금융 "롯데손보 M&A, 과도한 가격 부담 안한다"
- 신한캐피탈, 지속성장 포트폴리오 리밸런싱 체계 강화
- 하나금융, ELS 악재에도 실적 선방…확고한 수익 기반
- 하나금융, 자본비율 하락에도 주주환원 강화 의지
- 국민연금, '역대 최대 1.5조' 출자사업 닻 올렸다
- [도전 직면한 하이브 멀티레이블]하이브, 강한 자율성 보장 '양날의 검' 됐나
- [퍼포먼스&스톡]꺾여버린 기세에…포스코홀딩스, '자사주 소각' 카드 재소환
- [퍼포먼스&스톡]LG엔솔 예견된 실적·주가 하락, 비용 절감 '집중'
- [퍼포먼스&스톡]포스코인터, 컨센서스 웃돌았지만 주가는 '주춤'
- 신한금융, ‘리딩금융’ 재탈환에 주주환원 강화 자신감