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Mirae Asset decides not to bid for Hyundai Securities: report
By Korea HeraldPublished : March 23, 2016 - 13:43
Mirae Asset Financial Group will not make a bid for Hyundai Securities, the fourth-largest brokerage with 3.2 trillion won in assets, a local report said Wednesday.
Mirae Asset decided to turn down a proposal from LK Investment Partners to join forces to acquire the 22.56 percent stake in Hyundai Securities, the Korea Economic Daily reported, citing an unidentified source at Mirae Asset.
LK is among the six suitors for Hyundai Securities shares, being sold by Hyundai Group. The group is to open a final bid for the stake on March 25.
Mirae Asset last week inked a $2 billion deal to acquire the second-ranked KDB Daewoo Securities.
Two of its main contenders in last year’s KDB Daewoo race -- KB Financial Group and Korea Investment Holdings -- are vying for Hyundai Securities, along with four private equity funds, including LK.
By Lee Sun-young
(milaya@heraldcorp.com)
Mirae Asset decided to turn down a proposal from LK Investment Partners to join forces to acquire the 22.56 percent stake in Hyundai Securities, the Korea Economic Daily reported, citing an unidentified source at Mirae Asset.
LK is among the six suitors for Hyundai Securities shares, being sold by Hyundai Group. The group is to open a final bid for the stake on March 25.
Mirae Asset last week inked a $2 billion deal to acquire the second-ranked KDB Daewoo Securities.
Two of its main contenders in last year’s KDB Daewoo race -- KB Financial Group and Korea Investment Holdings -- are vying for Hyundai Securities, along with four private equity funds, including LK.
By Lee Sun-young
(milaya@heraldcorp.com)
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Articles by Korea Herald
