SEOUL, KOREA - The final bidders for acquiring Techpack Solutions (formerly Doosan Techpack), Korea's No. 1 company in food and beverage packaging solutions, have been narrowed to four or five companies.

 

 

According to investment banking sources on December 26, the company's largest shareholder MBK Partners and principal underwriter Bank of America Merrill Lynch shortlisted four to five strategic investors.

 

The candidates included Hanil Can Co., the world's largest manufacturer of beverage cans Rexam, one of the world's largest manufacturers of glass containers Owens-Illinois, and Connecticut-based Silgan Holdings. There is a possibility that Korea's Hanil Can may form a consortium with Rexam.

 

In a preliminary bidding held on December 9, a total of six bidders tendered letters of intent. Private equity fund firm Blackstone's participation in the deal attracted attention of the media. But MBK Partners and the underwriter excluded all the financial investors, including Blackstone, from the shortlist as there were an enough number of strategic investors in the bidding race.