Delivery Hero (DH), which is pursuing M&A with Woowa Brothers (Baemin), said it could not accept the Fair Trade Commission (FTC)'s condition that DH should sell Yogiyo to acquire Woowa Brothers, the Asia Economic Daily reported on Nov. 23.
On Nov. 23, DH replied, "DH does not support this proposal," to the Asian Economic Daily’s written question, "Will you accept the FTC's condition to sell Yogiyo to take over the Baemin?"
Earlier on Nov. 13 (local time), DH said on the German headquarters' website that it is not sure whether it will accept the FTC's offer to sell Yogiyo. In addition to this position, the answer is a euphemism for "I have no intention of selling Yogiyo at the moment."
DH announced last December a plan to buy shares and establish a joint venture for the Woowa Brothers. Subsequently, it applied to the FTC for a review of business combinations.
In response, the FTC's secretariat sent a review report to DH on Nov. 13, about 11 months later, stating its position on conditionally approved (recommendation to sell Yogiyo).
While expressing confidence in the final results, DH left room for DH to make a counter proposal to the FTC, the daily reported.
A DH official said, "We will continue consultations with the FTC, and we are confident that the company will be satisfied with the final outcome. We are not sure yet whether we will follow the FTC's offer to sell Yogiyo or ask for other solutions."