Will CJ Join the Bid for JoongAng Ilbo with Daou Kiwoom?
The final bid is due on October 19.
Reports have emerged that CJ Group is considering joining the bidding for JoongAng Ilbo in partnership with Daou Kiwoom Group.
According to industry sources on October 16, CJ Group is reportedly discussing forming a consortium with Daou Kiwoom Group to participate in the final bid for the sale of JoongAng Ilbo. The final bid is scheduled to close on the afternoon of October 19.
CJ Group holds a 9.24% stake in JoongAng Ilbo through its subsidiary CJ OliveNetworks.
JoongAng Ilbo entered a corporate restructuring process (workout) in July and is pursuing a sale of management control, among other measures, to normalize its operations.
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In a press release on September 29, JoongAng Ilbo said it plans to select a preferred bidder for the merger and acquisition (M&A) by the end of October. Six parties reportedly took part in the preliminary bidding held last month: Global Sae-A, Geumbo Development, Daou Technology, Orion, OK Financial Group, and eBroadcasting.
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