SEOUL, KOREA - KIC Capital, the subsidiary of auto service company CXC Motors, is likely to be selected as the preferred negotiating partner to acquire IM Investment & Securities (formerly Solomon Investment & Securities). According to investment banking sources on June 4, the Shinhan Investment Corp. consortium held the main bidding on the same day in which only two bidders, Q Capital Partners and KIC Capital, participated. Donbu Securities, which showed keen interest in the beginning, has not shown up for the bidding.
An investment banker said, "The price offered by CXC was much higher than Q Capital and it is highly likely CXC will be the new owner of IM Securities." The Korea Deposit Insurance Corp., which took over Solomon in April last year after its business was suspended, said that two bidders are enough to satisfy the minimum effective bidding conditions and CXC's offer price is higher than the floor price set by KDIC.
The largest shareholder of CXC Motors is Cho Hyun-Ho, chairman of CXC and nephew of the late Cho Choong Hoon, Hanjin Group founder.
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