Corporations in the process of rehabilitation, Homeplus is looking for a buyer. The Seoul Rehabilitation Court announced on the 20th that it has approved the merger and acquisition (M&A) before the approval of the rehabilitation plan for Homeplus and selected Samil Accounting Corporation as the sale's lead underwriter.
On the same day, the Seoul Rehabilitation Court announced that it has approved the pre-approval M&A requested by Homeplus. Pre-approval M&A is an initiative pursued before the court approves the rehabilitation plan.
As a result of an investigation entrusted to an external accounting firm by the court, it was found that Homeplus's liquidation value is 3.6816 trillion won, exceeding the value of 2.5059 trillion won when operating as a going concern. In response, the company applied to the court for a pre-approval M&A to continue operating while attracting external funds.
The court instructed Homeplus to conduct the M&A using the stalking-horse method. This involves selecting a preferred bidder first and concurrently conducting a public auction to find potential buyers who can offer better terms.
A spokesperson from the rehabilitation court noted, "It is expected to take about 2 to 3 months to select the final buyer."