Uber Steps Up Bid to Acquire Baedal Minjok... "Long-Term Investment in Korea"

[Financial News] As Uber steps up its bid to acquire Delivery Hero, the largest shareholder of Woowa Brothers, the operator of Baedal Minjok, the company has pledged to promote market competition through continued innovation and investment.
On the 22nd, the Korea Fair Trade Commission said it had received and begun reviewing an application for a preliminary review of the business combination that U.S.-based Uber Technologies is pursuing to acquire all shares of Germany's Delivery Hero through a tender offer.
The preliminary review was conducted at Uber's voluntary request. The company said the measure reflected the importance of the Delivery Hero acquisition to the Korean market.
Uber emphasized, "Baedal Minjok has established itself as an iconic and beloved brand in Korea, one of the most dynamic and distinctive markets in the world. Uber deeply respects the capabilities and value that Baedal Minjok has built over the years, and we want to work together to further strengthen them in the future."
Uber said, "We will make a long-term investment in Korea and for Korea, and grow together," adding, "Following the transaction, Uber plans to invest in Baedal Minjok's outstanding talent, iconic brand and locally specialized technological capabilities."
It added, "Through these efforts, we will provide all the support and resources necessary for Baedal Minjok to continue delivering world-class services that offer the highest quality and value to users in Korea."
Uber emphasized that it would support the Baedal Minjok platform as a whole, including small business owners and delivery partners.
Uber pledged, "We will continue investing in them and support stable livelihoods while strictly complying with relevant Korean laws and regulations, respecting Korean culture, and communicating constructively with all stakeholders. During the review process ahead, Uber will maintain close communication with the Korea Fair Trade Commission and other relevant stakeholders, provide the information necessary for the commission's smooth review in good faith, and actively cooperate."
[email protected] Jang Min-kwon Reporter