Fresh food delivery company OA will proceed with the acquisition of TMON, which is undergoing corporate rehabilitation.
According to industry sources on the 5th, TMON applied to the Seoul Rehabilitation Court on the 4th to select OA as a conditional acquirer for mergers and acquisitions.
TMON and WeMakePrice (Tiemep) have been discussing various acquisition hopefuls and terms such as price since applying for rehabilitation procedures due to a large-scale unresolved situation last July. The goal was to sell before approval of the rehabilitation plan, which had a submission deadline of March 7.
OA is reported to have decided to acquire TMON and has recently found a price consensus.
The sale of Tiemep is being promoted through a 'stalking horse' method. This involves setting a conditional acquirer and proceeding with a public competitive bid. This means that not only OA but also other interested acquiring companies have a chance.
EY HanYoung, the sale’s lead manager, plans to sign a 'conditional investment contract' with OA around the 6th, as soon as the court grants permission.
Next week, a sale announcement will be issued and a public bid will take place, with the final acquirer to be confirmed next month.
The acquisition proposal price from OA has not been disclosed. However, companies participating in the bidding will sign a non-disclosure agreement and will be informed separately. This is to select the final acquirer based on the company that offers better terms.
If no companies offer better terms in the public bid, OA will be confirmed as the acquirer of TMON. Even if a company proposing better terms appears, OA can exercise the 'right of first refusal' if they match those terms.
Founded in 2011, OA is a company that sells organic food based on a producer network established through offline stores. It expanded its business scope with the launch of 'OA Market' in 2018, offering fresh food delivery in the early morning. The company attempted an initial public offering (IPO) in 2023 but subsequently withdrew.
EY HanYoung has also stated that it will continue to pursue the separate sale of WeMakePrice.