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| KG모빌리티 (사진=연합뉴스) |
[Alpha Biz=(Chicago) Reporter Paul Lee] KG Mobility was selected as the Stalking-horse before the acquisition of Edison Motors. Edison Motors plans to acquire Ssangyong Motor, the predecessor of KG Mobility, last year The company gave up because it could not raise money for the acquisition.
KG Mobility announced on the 2nd that it has signed a conditional investment contract for Edison Motors M&A.
This contract is a conditional investment contract by limited competitive bidding in the 'stalking horse' method. The stalking hose method is carried out by selecting the preferred bidder first and then conducting an open bidding.
In the future, KG Mobility will be selected as the final buyer if there is no buyer or bidder by proceeding with the open bidding process, or if no bidder presents the details of the acquisition that is more favorable than the details of the acquisition.
Previously, KG Mobility was selected by the Changwon District Court, a rehabilitation court, on the 26th of last month as a "priority bidder for conditional investment contracts" before the announcement of Edison Motors.
Edison Motors signed a contract to acquire Ssangyong Motor in January last year. In the end, the investment contract was lifted due to unpaid acquisition payments.
Former CEO Kang Young-kwon, who led Edison Motors, was arrested and is on trial in October last year for manipulating the stock price of his affiliate Edison EV through an attempt to acquire Ssangyong Motor. With the arrest of CEO Kang, Edison Motors suffered from financial difficulties and even went through corporate rehabilitation procedures.
KG Mobility plans to grow and develop Edison Motors as a company that can contribute to social development by utilizing its automotive technology capabilities, growth know-how, and successful business change experience through rehabilitation procedures.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
