SK Telecom makes sole bid for Hynix stake

News Wireless Global 11 NOV 2011
SK Telecom makes sole bid for Hynix stake
Korean mobile operator SK Telecom has submitted a final bid for a stake in Hynix Semiconductor, estimated at around KRW 3 trillion, Yonhap reports. Hynix extended the deadline for bids twice to attract more potential bidders after STX Group pulled out of the process, leaving SK Telecom as the sole bidder. Creditors have been seeking to sell their 15 percent stake in Hynix after injecting USD 4.6 billion to rescue the company by swapping their debt holdings into shares in 2001-2002.

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Mobile

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Hynix Semiconductor,  SK Telecom

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Global

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M&A buyouts & divestments

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KOREA, REPUBLIC OF 14 FEB 2012

SK completes acquisition of 21% stake in Hynix

SK Telecom has completed its acquisition of a 21.05 percent stake in chipmaker Hynix for KRW 3.37 trillion. SK paid an average KRW 23,099 per share for Hynix, below the company's market share price, as part of an agreement with Hynix's creditors who control the semiconductor group. The investment is expected to lead to closer integration of chip technologies in SK's development and provide a new growth market for the telecoms operator. Chey Tae-won, the chairman of SKY Telecom's parent company SK Holdings,

KOREA, REPUBLIC OF 28 DEC 2011

SK Telecom gets regulatory approval to acquire Hynix

Korean mobile operator SK Telecom received regulatory approval to acquire chipmaker Hynix Semiconductor, reports The Korea Herald. The Fair Trade Commission approved SK's purchase of a controlling stake in Hynix. Even though the two companies are leading players in each market, the antitrust regulator saw no problems with the acquisition as they have different technologies, distribution channels and key clients. The FTC said it would be difficult for them to share their dominant market shares in each indust

GLOBAL 15 NOV 2011

SK to buy 21% in Hynix for KRW 3.4 trillion

SK Telecom has been selected as the preferred bidder to take control of Hynix Semiconductor. The company will pay KRW 3.43 trillion for a 21.05 percent stake in Hynix. The takeover is expected to close by February. Hynix is being sold by its creditors, which bailed out the memory chipmaker in 2001. SK did not say what it's plans are for the company. Hynix recorded a net profit of KRW 2.65 trillion in 2010, on revenues of KRW 11.97 trillion.

KOREA, REPUBLIC OF 10 NOV 2011

Prosecutors find embezzlement evidence against SK owners

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KOREA, REPUBLIC OF 26 OKT 2011

Hynix extends deadline for bids

Chipmaker Hynix Semiconductor has extended its deadline for bids to buy a stake in the company by one week, Reuters reports. With the new deadline of 10 November the company hopes to lure more bidders. Currently, SK Telecom is the sole bidder for the Hynix stake.

GLOBAL 19 SEP 2011

STX withdraws from Hynix bid

STX Group has decided to drop its bid to buy a stake in chipmaker Hynix Semiconductor, reports Yonhap News Agency. The company said global market uncertainties and concerns about the investments required at Hynix meant it would no longer pursue the deal. STX Group's withdrawal leaves South Korean conglomerate SK Group as the main bidder to buy a controlling stake in Hynix.

GLOBAL 12 SEP 2011

Hynix's creditors to select preferred bidder by October-end

Chipmaker Hynix Semiconductor's creditors have completed due diligence and plan to select a preferred bidder by the end of October, reports Yonhap News Agency. Creditors have been seeking to sell their 15 percent stake in Hynix after injecting USD 4.6 billion to rescue the company by swapping their debt holdings into shares in 2001-2002.

GLOBAL 25 AUG 2011

STX partners Aabar for Hynix bid - report

Abu Dhabi state-owned fund Aabar has teamed up with South Korean conglomerate STX to bid for the world's No. 2 memory chipmaker Hynix Semiconductor, Reuters reports citing sources close to the deal. Aabar is fine-tuning investment details with STX and is expected to function largely as a financial investor in the deal. STX and rival bidder SK Telecom, which earlier confirmed initial bid proposals, are currently doing due diligence on Hynix. Final bids are due around mid-September.

GLOBAL 8 JUL 2011

STX, SK to bid for Hynix stake

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