Indian tire manufacturer Apollo Tyres has reportedly joined the race to acquire Kumho Tire in a $900 million deal, according to the Indian news outlet The Economic Times.
Just last week, Reuters reported that 10 different parties expressed interest in purchasing the controlling stake of Kumho Tire Co., according to an industry source.
Interested parties are rumored to include several major tire manufacturers, including Bridgestone Corp., Continental AG, Michelin and ChemChina.
Kumho Asiana Group Chairman Park Sam-koo has right of first refusal to repurchase the Kumho Tire stake, but he would have to match the highest bidder. According to Korean media, it’s not likely Park will have enough funds to make the purchase.
A group of creditor banks, including Korea Development Bank, started taking bids for their 42% stake in Kumho Tire in September. The Economic Times reports that Kumho’s board has extended the final bids deadline to Friday.
Apollo failed to purchase Cooper Tire & Rubber Co. two years ago for $2.5 billion when Cooper pulled out of the deal last minute.
