STX, SK to bid for Hynix stake

News Wireless Global 8 JUL 2011
STX, SK to bid for Hynix stake
STX Group and SK Telecom confirmed they will each bid for a 15 percent stake in Hynix Semiconductor. The deadline for offers is 8 July. Hynix is owned by its creditors, who took over the company in 2001 and have repeatedly tried to sell an equity stake. Hyundai Heavy Industries had been seen as the only potential bidder, but it dropped out of the running for the stake, the Wall Street Journal said. Based on Hynix's share price on 8 July, the 15 percent stake was worth KRW 2.4 trillion (USD 2.3 billion). SK Telecom is acting for its parent company SK Group in the bidding. However, the mobile operator's share price came under pressure after the bid was confirmed, amid concerns Hynix will offer few synergies with the telecom activities. STX plans to partner with a sovereign wealth fund from the Middle East for its bid.

Categories:

Mobile

Companies:

Hynix Semiconductor,  SK Telecom,  Hyundai

Regions:

Global

Tags:

Semiconductors, Wholesale, M&A buyouts & divestments

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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 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.

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.

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