SEOUL, KOREA - In a bidding war to acquire Korea Line Corp., the nation's No. 4 shipping company, a total of six suitors, including Daelim Corp. and Han & Co., have shown their intentions to participate in the deal. According to investment banking sources on July 12, six companies have submitted letters of intention in the preliminary bidding on the same day.

 

The six applicants included Daelim Corp. (a Daelim Group logistics company) and Han & Co. (a private equity fund firm), Polaris Shipping (a mid-sized shipping company), Samra Midas Group (a mid-sized construction and manufacturing company), Zenith Partners (a ship financing company), and IM Investment & Securities. The final winner will be announced by early next month.

 

The bidding for Korea Line Corp. had been halted in late January when the shipper selected Han & Co. as the preferred negotiating partner but later cancelled the selection due to disagreements over how to deal with contingent debts. In addition to Han & Co., Zenith Partners was also one of the bidders early this year.

 

The price level Han & Co. offered in January was 145 billion won. Although the price is expected to go down as low as 100 billion this time, others forecast that it may fetch in excess of 160 billion won as candidate companies bid up the price.