Pursuing Separate Sale of Wemakeprice
Oasis, a company specializing in early morning delivery of fresh food, is set to acquire Tmon, which is undergoing corporate rehabilitation proceedings.
On the 4th, Tmon requested the Seoul Bankruptcy Court to designate Oasis as the conditional prospective acquirer for a merger and acquisition (M&A) before the approval of the rehabilitation plan. Since applying for rehabilitation proceedings last July due to a large-scale unsettled payment incident, Tmon and Wemakeprice (Timep) have been negotiating terms such as price with multiple prospective buyers.
Oasis reportedly negotiated under the condition of acquiring only Tmon and recently reached a price agreement.
The sale of Timep is being pursued through a "Stalking Horse" method, allowing other interested bidders to have an opportunity. The Stalking Horse approach involves designating a conditional prospective acquirer and then conducting a public competitive bidding process.
EY Han Young, the lead sales agent for Timep, plans to sign a "conditional investment agreement" with Oasis around the 6th, once court approval is granted. A sales announcement will be made next week, followed by a public bidding process, with the final acquirer confirmed next month.
Although Oasis's proposed acquisition price has not been disclosed, participating bidders will be informed under separate confidentiality agreements. If no bidder offers better terms during the public bidding, Oasis will be confirmed as the acquirer of Tmon. Even if a bidder proposes better terms, Oasis can exercise a "right of first refusal" by matching those terms to acquire Tmon.
If Oasis succeeds in acquiring Tmon, the industry expects it to introduce its early morning delivery method to the Tmon platform. Previously, Oasis had planned an initial public offering (IPO) in early 2023 but withdrew the listing plan.
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