Korea Development Bank (KDB) has made a revised offer to holders of put-back options in Daewoo E&C, reported Money Today.
The report cited information from KDB, the main creditor of Kumho Industrial. The revised offer includes several options such as participation in KDB’s acquisition fund for Daewoo E&C. For those not wishing to participate in the acquisition, it will be possible to sell their options at the earlier offering price of KRW 18,000.
KDB has requested that the investors respond to the proposal by this weekend, the report added.
As previously reported, state-run KDB said it would acquire a Daewoo E&C stake from Kumho Asiana after Kumho entered into a debt restructuring program.
The bank is engaged in negotiations with investors in Daewoo E&C regarding their options to put back equity stakes, which they acquired when they helped finance Kumho Industrial’s acquisition of Daewoo E&C in 2006.
The talks were reported to have stalled because the investors and KDB could not reach agreement on a price for the options.
(Source: Money today)
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