Park Sam-koo, chairman of Kumho Asiana Group, has secured financial investors to buy back Kumho Tire Co., according to The Korea Herald.
A group of creditor banks, including Korea Development Bank, started taking bids for their 42% stake in Kumho Tire in September and are expected to make their final decision by Jan. 18.
Park has right of first refusal to repurchase the stock, which allows him to match the highest bidder’s price and terms to reacquire Kumho.
China-based Doublestar Tyre Co. was selected as the preferred bidder to acquire 42% shares of the local tire maker up for sale last month.
The company is said to have offered creditors between 900 billion won ($787 million) and 1 trillion won for the shares and management rights of Kumho Tire, the paper reported.
Park has a month to decide whether to exercise his right of first refusal.
