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Hanyang Securities (photo = Hanyang Securities) |
[Alpha Biz= Reporter Kim Sangjin] Hanyang Academy and KCGI have once again extended the negotiation period for the sale of Hanyang Securities' shares without reaching an agreement.
On the 13th, Hanyang Securities announced, "The exclusive negotiation period with KCGI, the preferred bidder for the stake sale by our largest shareholder, has ended. Although a one-week extension was initially pursued, the parties agreed to extend the negotiation period by two weeks from the initial end date of September 6th."
Previously, Hanyang Securities had confirmed that Hanyang Academy, along with Baeknam Tourism and HBDC, had selected KCGI as the preferred bidder and signed a term sheet (provisional agreement), with LF selected as the second bidder.
The shares involved in the sale represent 29.6% of common stock, totaling 3,766,973 shares. The agreed price per share is 65,000 KRW, bringing the total transaction amount to 244.85 billion KRW.
Key terms of the term sheet include granting exclusive negotiation rights to the buyer for five weeks (with a one-week extension possible by mutual agreement), plans for due diligence, and mutual confidentiality obligations.
Although KCGI was granted exclusive negotiation rights from August 2nd to September 6th, no conclusion was reached, leading to a one-week extension. As of today, the six-week period stipulated in the term sheet has passed, but with both KCGI and Hanyang Academy agreeing to extend negotiations further, the new deadline is now set for September 20th, after the Chuseok holiday.
Hanyang Securities stated, "We will make an additional announcement either when details are confirmed or within one month."
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
