MBK Seeks Buyer for Struggling Korean Supermarket Chain Homeplus
South Korea's troubled retail chain Homeplus Co. opened itself up to a takeover as its private equity owners seek to avoid the firm's liquidation.
MBK Partners is seeking to find a buyer for Homeplus after a recent review showed the company's liquidation value exceeds its going-concern value, according to an MBK Partners statement Friday. If a 'pre-approval M&A' plan succeeds and an owner is found before finalizing Homeplus's rehabilitation plan announced in March, MBK Partners will cancel 2.5 trillion won ($1.8 billion) worth of Homeplus common shares it holds without compensation, the statement said.
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