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MBK drops bid for S.Korea's Hi-mart stake-report
July 2, 2012 / 11:36 PM / 5 years ago

MBK drops bid for S.Korea's Hi-mart stake-report

SEOUL, July 3 (Reuters) - South Korean private equity fund MBK Partners, which had been chosen as preferred bidder for a controlling stake in electronic retailer Hi-mart, has given up its bid because of share price falls and high price premiums, local media MoneyToday said on Tuesday.

Hi-mart shareholders including Eugene Corp and Hi-mart Chairman Sun Jong-koo have put up a combined stake of 65.25 percent for sale, worth 744.6 billion Korean won ($650 million) as of the market’s close on Monday.

An official at MBK Partners was not immediately available for comment. ($1 = 1146.0500 Korean won) (Reporting by Hyunjoo Jin and Joyce Lee; Editing by Richard Pullin)

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