The sole bid for Kumho Industrial made by Hoban Construction has been rejected, according to Yonhap News.
The construction company offered approximately $561 million for a 57.5% stake in Kumho Industrial, the holding company of Kumho Asiana Group and parent company of Kumho Tire, Yonhap reported. This bid was rejected by Korea Development Bank and the other creditors in charge of the stake sale because it failed to meet expectations.
Kumho Asiana Group Chairman Park Sam-koo is still considered to be a contender for the stake sale, Yonhap reported.