All Six Bidders Enter Final Round for JoongAng Ilbo... Preferred Bidder to Be Selected by Month-End

All six qualified bidders participated in the final bidding for the sale of JoongAng Ilbo. The seller plans to select a preferred bidder by the end of this month after evaluating the proposed acquisition prices and the bidders' ability to secure financing.

Yonhap News Agency

According to investment banking (IB) industry sources on October 19, six companies submitted bids in the final round for JoongAng Ilbo, which closed that day: Daou Tech, Orion, Global Sae-A, OK Financial Group, eBroadcasting, and Geumbo Development. Samil PwC is advising on the sale. The bidders completed due diligence last week and have been reviewing the acquisition terms.

Daou Kiwoom Group has teamed up with CJ Group in a consortium to pursue the acquisition. CJ Group holds a 9.24% stake in JoongAng Ilbo through CJ OliveNetworks. Although it did not participate in the preliminary bidding, it joined the race in partnership with Daou Kiwoom Group. Orion is facing a demand from activist investor Flashlight Capital Partners (FCP) to abandon its bid for JoongAng Ilbo.

JoongAng Ilbo entered a workout, a joint debt restructuring process led by its creditors, in July. Instead of buying out the existing major shareholders' stakes, the sale will inject new funds into JoongAng Ilbo through a third-party allotment of new shares. The specific bids submitted by each candidate have not been disclosed, but IB industry sources have cited an acquisition price of around KRW 500 billion.

This content was produced with the assistance of AI translation services.