The bid application deadline for Homeplus Co.'s corporate supermarket (SSM) division, Homeplus Express, has been set for the 21st.
This bid is the main bidding process in which preliminary candidates that previously submitted letters of intent (LOIs) present actual acquisition prices and specific management plans. It is viewed as a watershed that will determine the success or failure of the sale, as it is effectively the final step to select the acquirer.
The Seoul Bankruptcy Court and the sale manager Samil PricewaterhouseCoopers plan to comprehensively review the funding capacity and business plans of the corporations that submitted letters of intent during this period. Afterward, the process will proceed to signing nondisclosure agreements (NDAs), due diligence, and then the final contract.
So far, a total of two strategic investors (SIs), including MGC Global, which operates the coffee franchise MEGA MGC COFFEE, are said to have submitted letters of intent and are monitoring the sale.
Along with this, the Seoul Bankruptcy Court plans to issue a sale notice for Homeplus Express starting on the 3rd. This is a procedure to offer an additional opportunity to potential candidates who could not participate in the earlier preliminary bid or are considering joining the acquisition race at the last minute. Because the court is involved in the sale, it is seen as an effort to encourage more competition and enhance procedural transparency.
Accordingly, corporations that have not previously submitted letters of intent may participate in due diligence after the notice on the 3rd and then join the main bid on the 21st. Inside and outside the industry, there is talk that a third candidate could newly emerge in this process.