According to the investment banking (IB) industry on the 30th, KDB Investment, the largest shareholder of Daewoo E&C, is reportedly considering Jungheung E&C as a strong preferred bidder. In the main bid for the sale of Daewoo E&C held on the 25th, it was confirmed that Jungheung E&C spent 2.3 trillion won including a management right premium for a 50.75% stake in Daewoo E&C, and DS Consortium offered 1.8 trillion won.
Based on the current bidding price, KDB Investment is reviewing detailed acquisition plans, including the scope of liability for the possibility of contingent liabilities and guarantees of statements. However, the industry evaluates that the acquisition of Jungheung E&C is definitive despite KDB Investment’s qualitative evaluation. The difference between Jungheung Construction and the DS consortium amounted to 500 billion won, making it difficult to reverse the trend.
Some speculate that Hoban Construction, which weighed participation in the takeover battle until the morning of the last day of the bidding, may have been the background to raising the acquisition price. It is said that Jungheung Construction was conscious of Hoban Construction and wrote a higher price than expected.
An official familiar with the transaction said, “Jungheung E&C, who heard the news that Hoban Construction had given up on the acquisition of Daewoo E&C at the last minute, expressed disappointment, saying, ‘We were hit by the lakeside’.”
[홍장원 기자 / 진영태 기자]
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