Foreign Companies Bid for Pantech Acquisition
kpopluv, Jan. 6, 2015, 11:14 a.m.
Several foreign companies have expressed an interest in acquiring Pantech, the troubled smartphone maker that has been suffering from a severe cash crunch. According to industry sources on Monday, U.S. and Chinese companies late last month submitted letters of intent to the Seoul Central District Court to acquire Pantech.
They include a consortium of U.S. hedge funds, a Chinese mobile phone maker and a Chinese IT service provider. One domestic company is also apparently interested in buying Pantech. There were also offers to buy only the patented trademarks and production facilities, but the court and Pantech are intent on a lump sale.
The companies that have submitted letters of intent will first conduct due diligence on the smartphone maker. It was first put up for sale in November last year, but there were no immediate takers.