The ongoing sale of a 51% stake in Korea Exchange Bank, the listed South Korean bank, by Lone Star, seems to have stalled at present, reported E-Today.
The report cited industry sources as saying that the Dallas, Texas-based fund has failed to find a buyer, and plans to resume the sale around end of August.
According to the report, Lone Star is considering selling the stake via private placement.
Citing the sources, the report claimed that the last potential buyer for the stake, MBK Partners, has walked away from the deal, as it found Lone Star’s expected price of KRW 18,000, per share, too high.
Update: MBK Partners yet to walk away from deal, plans to submit proposal
MBK Partners has yet to walk away from the sale of a 51% stake in Korea Exchange Bank by Dallas, Texas-based Lone Star, reported Maeil Business, Friday.
The report, which cited other media reports, claimed that the South Korean private equity fund is planning to submit a proposal by the end of this month.
Credit Suisse, the financial advisor for the sale, declined to comment on the news, it added.
See here for previous posts on the sale.
Source: E-Today (translated), Maeil Business (translated)
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