The main bidding schedule for YeByeol Non-Life Insurance, the bridge insurer for MG Non-Life Insurance, has been postponed again to the 16th of this month. The Korea Deposit Insurance Corporation (KDIC) had initially planned to conduct the main bid on the 6th of this month after completing due diligence on acquisition candidates on the 27th of last month.
According to the financial industry on the 1st, the deadline for the main bid for YeByeol Non-Life Insurance was pushed back by 10 days from the original plan. Hana Financial Group, Korea Investment Holdings, and JC Flowers, which are on the shortlist of acquisition candidates, are said to have argued that they need more time to analyze the materials on YeByeol Non-Life Insurance's management status secured during the due diligence period.
The KDIC plans to begin work to select a preferred negotiation partner after reviewing the management plans for YeByeol Non-Life Insurance submitted by the three acquisition candidates on the day of the main bid. If only one financial company participates in the main bid, the KDIC plans to issue a re-announcement. If no prospective acquirer emerges even after the re-announcement, the KDIC will proceed with a private contract with the single financial company that participated in the main bid.
A KDIC official said, "We agreed with the acquisition candidates that an accurate valuation of YeByeol Non-Life Insurance must be conducted."