Chicken supplier Harim named preferred bidder for Homeplus

Harim Group, Korea's largest poultry processing firm, has emerged as a major player in the country's mergers and acquisitions (M&A) market, as its home shopping unit was selected as the preferred bidder to acquire Homeplus Express, a supermarket chain under ailing retailer Homeplus. Homeplus and its sales advisor, Samil PwC, on Tuesday conducted a final round of bidding for Homeplus Express, naming NS Home Shopping the preferred negotiation partner. MBK Partners, the largest shareholder of Homeplus, is seeking to sell the unit for around 300 billion won ($203 million), but Harim is reported to have offered less than that. If the two sides reach a deal, the proceeds will be calculated into MBK's rehabilitation plan for cash-strapped Homeplus. The court-imposed deadline for approval of the plan falls on May 4, leaving little room to delay the sale of Homeplus Express. Once the sale of Homeplus Express is completed, Homeplus will be able to secure ungently needed cash, such as funds for wage payments. The company paid only half of its employees’ salaries last month and the rest was belat

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