(June 13): South Korea’s troubled retail chain Homeplus Co opened itself up to a takeover as its private equity owners seek to avoid the firm’s liquidation.
MBK Partners Ltd is seeking to find a buyer for Homeplus after a recent review showed the company’s liquidation value exceeds its going-concern value, according to an MBK Partners statement on Friday.
If a transaction succeeds and an owner is found before finalising Homeplus’s rehabilitation process announced in March, MBK Partners will cancel 2.5 trillion won (RM7.77 billion) worth of Homeplus common shares it holds without compensation, the statement said.
The planned divestment marks a dramatic turn for what was once a landmark deal for MBK Partners, the buyout firm…
