Seoul, April 18 (IANS) Three firms have submitted their bids to acquire the debt-ridden automaker SsangYong Motor Co, sources here said on Monday, after a previous sales deal with a local electric vehicle maker fell apart.
Local underwear company Ssangbangwool Group, chemical-to-steel conglomerate KG Group and homegrown private equity (PE) firm Pavilion PE submitted letters of intent to accounting firm EY Hanyoung, SsangYong's lead manager for the deal, according to the sources.
Their bids came as a deal to buy SsangYong Motor by local electric bus and truck maker Edison Motors Co. collapsed late last month after its failure to meet the deadline to make the full payment for the proposed takeover, reports Yonhap news agency.
The firms that tendered their bids will conduct due diligence from Tuesday to May 4 before submitting their main bids for Ssangyong.
SsangYong has been under court receivership since April 15, 2021, after its Indian parent Mahindra & Mahindra Ltd. (NS: MAHM ) failed to attract an investor amid the COVID-19 pandemic and its worsening financial status.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.