The Mirae Asset Financial Group announced on May 23 that they will not take part in the acquisition of Hyundai Securities.
“As a result of internally reviewing LK Investment Partner’s investment proposal, we finally arrived at a conclusion that we will not make investment in taking over Hyundai Securities,” a representative of Mirae Asset.
“Lately, competition to take over Hyundai Securities has been overheated. Moreover, we had no choice but to consider an impact on the stock industry and the M&A market as we prepare for the birth of Mirae Asset Daewoo on the heels of taking over Daewoo Securities,” he said.
Up to now, Korea Investment Holdings, the KB Financial Group and PEFs such as LK Investment Partners and Pine Street, Global One Asset Management and Hong Kong-based Actis Capital have thrown their hats into the ring. The main bid for Hyundai Securities will begin on March 25 and close down at 6 pm on Marhc 26