The stock price of Dreamus Company plummeted following the news that YG PLUS withdrew from the acquisition battle for SK Square's music content subsidiary.
Dreamus Company shares were traded at 1,783 won on the Korea Securities Dealers Automated Quotations (KOSDAQ) market at 3:18 p.m. on the 29th. The stock price dropped by 12.17% (247 won) from the previous day.
According to the investment banking (IB) industry, Dae Myung GEC, JC Partners consortium, Busan Equity Partners (EP), and Be My Friends submitted binding offers to Samil PwC, the lead manager for the sale of Dreamus Company.
SK Square previously selected four companies, including YG PLUS, as joint preferred negotiation targets, but YG PLUS ultimately did not participate. (☞ SK Square Dreamus Company acquisition, a three-way battle… YG PLUS withdrawal)
The sellers plan to select and notify the final preferred negotiation target as early as the first week of September.