Hynix Semiconductor creditors extend bidding deadline
Mon. November 02, 2009; Posted: 08:43 PM
SEOUL, Nov 2, 2009 (Asia In Focus via COMTEX) --
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PowerRating -- Creditors of South Korea's
HYNIX SEMICONDUCTOR INC. (KSE:000660) said Monday that they
have extended a deadline for bids to take over the world's No.
2 memory chipmaker at the request of the sole bidder, HYOSUNG
GROUP. Korea Exchange Bank (KEB), representing Hynix creditors,
said the deadline will be extended by two weeks, and Hyosung
will be required to submit a preliminary bid by November 16.
* Hyosung, a mid-sized South Korean conglomerate, said it
has made the request because it needs more time to pick an
advisory firm, finalize its bid terms and prepare for a
subsequent due diligence.
* After offering a preliminary bid, Hyosung will be required
to conduct due diligence before presenting a formal bid.
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