The ongoing negotiations of Entekhab Industrial to acquire Daewoo Electronics could be canceled due to the gap between the creditors anticipated price and the offer, reported Financial News Daily.
The report cited industry sources as saying that the current preferred bidder, Entekhab Industrial Group, has offered about KRW 500bn (USD 412m), which is 15% less than the anticipated price of KRW 600bn (USD 494m).
An unidentified insider from one of the creditors told the paper that if the Iran-based company insists on the offer price, the creditors could nullify the ongoing sale talks and restart the negotiations with the second preferred bidder, Electrolux.
It was reported last week that Entekhab had requested more time to complete the deal.
Source: Money Today (translated)
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