[Featured Stock] Ssangbangwool Stock Price Falls for 2 Consecutive Trading Days... Down 13%

[Asia Economy Reporter Minji Lee] Ssangbangwool's stock price has continued to plunge for two consecutive trading days. This is interpreted as Ssangbangwool, which had submitted a sole bid after Seongjeong decided to acquire Eastar Jet, currently undergoing corporate rehabilitation procedures, continuing its downward trend.

At 9:17 a.m. on the 17th, Ssangbangwool was trading at 905 won, down 13.9% from the previous trading day. Having closed the previous day at 1,050 won, down about 24% from the day before, Ssangbangwool has shown a decline for two consecutive trading days.

Earlier, Eastar Jet proceeded with a Stalking Horse sale method, granting Seongjeong the right of first refusal and then conducting a separate public competitive bidding. This means that if a company participating in the bidding offers a higher price than the existing prospective buyer, the prospective buyer with the right of first refusal can decide whether to execute the contract at that price. If the prospective buyer notifies the court of their intention to exercise the purchase right, the company finalizes the acquisition.

Although the price Seongjeong proposed before the bidding announcement was lower than the amount Ssangbangwool offered in the main bid, it is reported that Seongjeong will additionally invest to acquire Eastar Jet, leading the market to expect that Seongjeong will acquire Eastar Jet.