Ssangyong Motor [자료사진]
Three companies, including KG Group, SsangBul Group, and Pavilion PE, participated in the bidding for the selection of candidates for the conditional takeover of Ssangyong Motor, resulting in a ‘three-way battle’.
According to the industry, Ssangyong Motor and EY Hanyoung Accounting Firm, the lead underwriter for the sale, closed the reception of the takeover proposal this afternoon.
The three companies that received the takeover proposal completed preliminary due diligence for Ssangyong Motor over the past two weeks.
Ssangyong Motor plans to select a conditional contractor as early as the 13th based on the takeover proposal.
Ssangyong Motor is selling under a ‘stalking horse’ method in which a conditional investment contract is signed with a prospective acquirer and the acquirer is confirmed through an open bidding process.
Ssangyong Motor plans to focus on not only the amount of the acquisition but also the evidence of funds, as there is a case of Edison Motors, where the merger and acquisition were canceled due to failure in financing the acquisition.
In addition, after reviewing future business plans, such as conversion to electric vehicle production, and plans to raise operating funds after the acquisition, the company plans to select a prospective acquirer.
