South Korean gaming firm Nexon's parent delays bidding for stake sale - sources (updated)

Netmarble

14/05/2019 03:32

(Add background, share prices)
    SEOUL, May 14 (Reuters) - The parent of top South Korean
gaming firm Nexon Co Ltd  3659.T  has delayed the bidding
process for its controlling stake in the company, originally
scheduled for Wednesday, two sources familiar with the matter
told Reuters.
    One of the people said the bidding had been postponed by one
week. 
    A spokeswoman from Nexon's holding firm, NXC Corp, declined
to comment. 
    Billionaire Jungju Kim is selling a 98.64 percent stake held
by himself and his wife in NXC, the holding company that owns 48
percent of Nexon.  urn:newsml:reuters.com:*:nL3N21F199
    A deal would rank as one of South Korea’s biggest, and at
potentially $16 billion, the biggest gaming deal worldwide.     
    Chinese gaming giant Tencent  0700.HK , South Korean tech
firms Netmarble  251270.KS  and Kakao  035720.KS , as well as
private equity firms Bain Capital, MBK Partners and KKR
submitted initial bids in February, sources told Reuters
previously. urn:newsml:reuters.com:*:nL3N20G3NT 
    The Nexon parent was originally scheduled to receive main
bids on Wednesday, which would come after a due diligence
process.
    Shares of Nexon, listed in Japan, were down 2.6 percent as
of 0220 GMT.

 (Reporting by Hyunjoo Jin and Ju-min Park; Editing by Stephen
Coates)
 ((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685; Reuters
Messaging: hyunjoo.jin.thomsonreuters.com@reuters.net))