The Korea Deposit Insurance Corporation (KDIC) said on the 11th it will push a re-announced bid for the open sale of YeByeol Non-Life Insurance, the bridge insurer for MG Non-Life Insurance. The previous open sale of YeByeol Non-Life Insurance failed on the 16th with a sole bid from Korea Investment Holdings.
The corporation said, "Immediately after the failure, we sounded out potential buyers' willingness to acquire, and with some potential buyers expressing interest in participating, we decided to push a re-announced bid."
The re-announced bid will run from today through June 30, and potential buyers interested in participating may submit final acquisition proposals after about seven weeks of due diligence. If valid competition is established as a result of the bidding, a preferred negotiating party will be selected by mid-July, and, if necessary, a private contract will be considered.
If there are no bids, contracts will be transferred to five non-life insurers (Samsung Fire & Marine Insurance, DB Insurance, Hyundai Marine & Fire Insurance, KB Insurance, Meritz Fire & Marine Insurance). The corporation said, "All insurance contracts of YeByeol Non-Life Insurance will be protected without any change in terms, and no disadvantage will occur to policyholders."