Cash-strapped Woongjin, which recently decided to resell its stake in water purifier rental firm Woongjin Coway, has once again delayed its schedule for the final bid, according to sources on Sept. 18.
The final bid was originally scheduled for early September, but Korea Investment &Securities, which is managing its sale, decided to delay it to Sept. 25 to accept more bidders.
According to industry sources, Woongjin decided to delay its plan once again to Oct. 10 due to a request by bidders for more time to conduct a preliminary due diligence.
On Aug. 2, potential buyers of Coway were short listed to four bidders -- Seoul-based trading company SK Networks, China-based Haier’s consortium and US private equity firms Carlyle Group and Bain Capital.
In June, cash-strapped Woongjin Group decided to resell its entire 25.08 percent stake in Coway. The decision came only three months after the group’s educational contents provider arm Woongjin Thinkbig and Korean PEF STIC Investment closed the deal on March 22 to buy back a 22.17 percent stake from PEF MBK Partners.
By Song Seung-hyun (firstname.lastname@example.org)