China’s Dixintong seeks to acquire Sambu Construction
[THE INVESTOR] DST Robot, a Korean robot maker whose largest shareholder is Chinese handset retailer Dinxintong, seeks to acquire cash-strapped Sambu Construction, industry sources said on June 9.
Along with DST Robot, two other firms -- SM Group and Daewoo Development -- have also submitted bids before the June 8 deadline.
Sambu, founded in 1948, has been streamlining its business under a court receivership since 2015.
Sources say the deal could be priced from 150 billion won (US$133 million) to over 200 billion won.
After failed talks to sell the company last year, Sambu sold off several assets to improve its financial status. The company posted a net profit of 261.4 billion won last year, turning to black after seven years.
The deal manager Samil PricewaterhouseCoopers plans to start due diligence with aims to close the deal by July 12.
By Park Ga-young (firstname.lastname@example.org)