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The Korea Herald
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THE INVESTOR
March 29, 2024

Retail & Consumer

Hahn & Co. to receive LOI from Woongjin Foods bidders in July

  • PUBLISHED :July 17, 2018 - 15:35
  • UPDATED :July 17, 2018 - 15:35
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[THE INVESTOR] Hahn & Co has decided to accept letters of intent from bidders for Woongjin Foods this month, according to industry sources on July 17.

The PEF and its deal manager Citi Group Global Market Securities have reportedly finished drawing up an information memorandum containing details about Woongjin Foods and sent it to major candidates last month.




It was originally planning to accept LOIs at the beginning of this month, but the plan was delayed because major bidders asked for more time to conduct due diligence.

Industry sources say that many foreign investors mainly from China and Southeast Asia have shown interest in acquiring the Korean firm. Hyundai Investment Partners, which has reportedly shown interest in Woongjin Foods recently, is also one of the major domestic bidders.

Hahn & Co. is expected to sell Woongjin Foods for around 300 billion won (US$266.97 million), since the price is usually more than 10 times the EBITDA, which was around 26 billion won in 2017.

The PEF acquired 57.87 percent stake in Woongjin Foods from Woongjin Group in 2013 for 115 billion won. Hahn & Co. currently owns 74.75 percent stake, which was increased through buying newly issued shares worth 40 billion won.

By Song Seung-hyun (ssh@heraldcorp.com)

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