Sale of 'Homeplus Express' Nears Final Stage as Final Bids Close on 21st [fn Market Watch]

[Financial News] The deadline for bid applications for Homeplus's supermarket (SSM) division, "Homeplus Express," has been set for the 21st.
According to the investment banking industry on the 3rd, the Seoul Bankruptcy Court issued a sale notice for Homeplus Express that day. This step is intended to give an additional opportunity to potential buyers who either missed the preliminary bidding or are considering joining the race at the last minute. Because the court is overseeing the sale, the move is also seen as an effort to encourage more competition and enhance procedural transparency.
As a result, companies that did not previously submit a letter of intent can still conduct due diligence after the announcement on the 3rd and then participate in the final bidding on the 21st.
So far, a total of two strategic investors are reported to have submitted letters of intent and are closely watching the sale process, including MGC Global, which operates the coffee franchise Mega MGC Coffee.
An official from the investment banking industry stated, "The two strategic investors that have already thrown their hats into the ring are understood to have strong financial capacity and a strong willingness to acquire," adding, "There is also talk that a third bidder could newly emerge during the open sale period."
Meanwhile, the Seoul Bankruptcy Court and the sale manager Samil PricewaterhouseCoopers plan to conduct a comprehensive review of the financing capabilities, business plans, and other factors of the companies that submit letters of intent during this period. After that, they will move on to signing Non-Disclosure Agreements (NDAs), conducting due diligence, and proceeding to conclude the final purchase agreement.


kakim@fnnews.com Kim Kyung-a Reporter