When Homeplus decided to pursue a merger and acquisition (M&A) before receiving approval for its rehabilitation plan, the labor union opposed it. The Homeplus union argues that instead of passing it to a private equity fund or partitioning, the investment from the major shareholder, MBK Partners, should take priority.
On the 13th, the 'Joint Task Force for the Resolution of the Homeplus Crisis' held a press conference at the National Assembly's communication room and stated, "The failure of the M&A means immediate liquidation. The M&A is a gamble that affects the livelihood of 100,000 people and an attempt to evade accountability."
The task force emphasized, "MBK's attempt to carry out the M&A using an investigation report as an excuse is merely a procedure focused on recovering investment funds rather than true rehabilitation. This is a clear attempt to dismantle Homeplus through store sales, partitioning of business units, and again selling it to a private equity fund, thereby leaving it in ruins."
It noted, "The fact that Homeplus's going concern value is lower than its liquidation value is a result of the major shareholder MBK Partners acquiring Homeplus through a leveraged buyout (LBO), which has led to a significant financial burden and an inability to adequately respond to changes in the retail industry."
It urged, "MBK should prioritize making substantial investments for job security and sustainable business operations."
The position was also conveyed that even if an M&A proceeds, the rights of the members should be guaranteed through direct government intervention and oversight, as well as social dialogue mechanisms.
Attendees at the press conference included Min Byung-deok, chair of the Democratic Party of Korea's Euljiro Committee, Lee Kang-il, a member of the National Assembly, and Jeong Hye-kyung, a member of The Progressive Party.
Representative Jeong said, "I hope the government will compel MBK to make direct investments and take self-rescue efforts, even at this late stage."
Meanwhile, on the same day, MBK Partners, the owner of Homeplus, stated that if the 'merger and acquisition (M&A) before approval of the rehabilitation plan' is carried out, it would voluntarily retire Homeplus's common shares valued at 2.5 trillion won, accepting the losses.
MBK stated in a release that "the pre-approval M&A, unlike the usual M&A that involves selling existing shares, involves issuing new shares in a structure where the new acquirer becomes the major shareholder," and added, "In this case, the 2.5 trillion won worth of common shares of Homeplus held by us will be retired at no cost, and we will make our best efforts to support the M&A without demanding any compensation, including management rights."