Ssangyong Motor to Reattempt M&A and Approve Selection of Sale Agent... Proceeding with Stalking Horse Method

[Asia Economy Reporter Lee Myunghwan] Ssangyong Motor announced on the 14th that the Seoul Bankruptcy Court has approved the re-promotion of the merger and acquisition (M&A) and the selection of the sale lead manager.

Ssangyong Motor stated, "Since the investment contract with the Edison Motors consortium, selected as the acquirer through a public bidding method, was canceled, we applied for re-promotion of the M&A before approval, and the approval decision was made."

The sale lead manager is Han Young Accounting Corporation, and the selection of the conditional acquirer will proceed through a limited competitive bidding (stalking horse) method.