CJ, SK Networks make initial bids for S.Korea home appliance rental firm

SK Networks Co

11/08/2016 09:43

SEOUL, Aug 11 (Reuters) - CJ Corp  001040.KS , the holding 
company of food-to-logistics CJ Group, and retailer SK Networks 
 001740.KS  said on Thursday they submitted separate non-binding 
bids to acquire South Korean home appliance rental company 
Tongyang Magic Inc.  
    A South Korea-based private equity consortium called 
NH-Glenwood owns 100 percent of the company. Analysts estimate 
the deal could be worth around 500 billion won ($457.33 
million).  
    More than 10 parties have submitted non-binding bids in the 
deal due on Thursday, including private equity firms Carlyle 
Group  CG.O  and Affinity Equity Partners, South Korean online 
media Edaily reported earlier on Thursday, citing unnamed 
investment banking sources.  
    Carlyle and Affinity declined to comment.  
($1 = 1,093.3100 won) 
 
 (Reporting by Joyce Lee; Editing by Muralikumar Anantharaman) 
 ((jungyoon.lee@thomsonreuters.com; +82 2 3704 5609; Reuters 
Messaging: jungyoon.lee.thomsonreuters.com@reuters.net)) 
 
Keywords: SOUTHKOREA TONGYANG/