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Edison EV, whose stock price soared more than 10 times last year on the news of the acquisition of Ssangyong Motor, has completely withdrawn from the acquisition. Shrimp never swallowed whale.
Edison EV formed a consortium in January and signed an M&A investment contract with Ssangyong Motor. However, the contract was canceled because the balance could not be paid by the due date.
Edison EV’s stock price plummeted as news of Edison EV’s failure to acquire Ssangyong Motor was spread. To make matters worse, Edison EV received a ‘rejection of opinion’ from an audit opinion based on last year’s consolidated financial statements, and stock trading was suspended from March 30. ‘Rejection of opinion’ mainly occurs when the audited company is in serious financial trouble.
Edison Motors and Edison EV applied for an injunction to prevent the resale of SsangYong Motor, but the court rejected the request on the 18th, and Edison EV’s takeover of Ssangyong Motor finally passed.
Meanwhile, Ssangyong Motor signed a conditional investment contract for the merger and acquisition with the KG Group-Pavilion PE consortium on the same day. On the 20th, it was reported that the KG consortium, which is expected to acquire the new company, provided 50 billion won in operating funds to Ssangyong Motor.
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