이 기사는 2021년 04월 19일 07:55 thebell 에 표출된 기사입니다.

Four bidders are expected to submit binding offers for eBay Korea in mid-May with close attention being paid to the potential impact of Kakao Corp’s withdrawal from the race on final bids for the ecommerce platform.

EBay Korea has told four shortlisted bidders that it would receive final round offers on May 14, industry sources said. Three weeks ago, three strategic investors – Shinsegae Group’s Emart, Lotte Shopping and SK Telecom – and private equity firm MBK Partners were chosen to advance to the next round.

However, the timeline could be delayed if the shortlisted bidders ask the seller for more time and information to complete due diligence, according to sources.

“There were initially concerns that few of the bidders in the race would have authentic intentions to buy the company,” said an industry insider. “But those concerns have abated as the bidders hired investment banks to prepare their bids, which indicates that they are serious about the deal.”

Emart and Lotte Shopping are being advised by JPMorgan and Bank of America Merrill Lynch respectively. Credit Suisse is providing financial advice to MBK Partners.

The shortlisted bidders are also laying out plans to raise the necessary capital to fund their proposals. The three strategic investors will likely to partner with private equity firms to acquire the company, industry watchers said.

“Shinsegae Group is in discussions with Affinity Equity Partners, which holds a minority stake in the conglomerate’s SSG.com, over a potential joint acquisition of eBay Korea,” said a source.

Kakao’s decision to pull out of the race also seems to have an impact on the remaining bidders, industry watchers said. Naver, which recently struck a partnership with Shinsaegae Group to push back against Kakao’s expansion, was reportedly considering bidding for eBay Korea alongside Emart. But now that Kakao has pulled out, Naver’s participation may be unlikely.

“The seller would have been embarrassed by Kakao’s withdrawal,” said an official at one private equity firm in Seoul. “The bidding race initially showed signs of heating up, but that’s not the case anymore.” (Reporting by Ar-rum Rho)