SK Telecom named as preferred bidder for Hynix

Nov 11, 2011

South Korea's top mobile carrier SK Telecom has been selected as preferred bidder for a controlling stake in Hynix Semiconductor, the world's number two memory chip maker, creditors said Friday.

"SK Telecom offered a price higher than the minimum required price ... and was selected as the preferred bidder," main creditor the Korea Exchange Bank said in a statement.

"We aim to close the deal within the first quarter," it said.

SK Telecom was the sole bidder for a 20 percent stake being sold by Hynix's creditors-turned-shareholders before the Thursday deadline.

Following the issuance of new shares, the second largest shareholder in Hynix would be the national pension fund with an eight percent stake, followed by nine Hynix creditors with a total of six percent, a Korea Exchange Bank official said.

Hynix's board is scheduled to meet Monday to decide on a price both of the new shares that will be issued as part of the deal and the existing shares to be sold.

SK Telecom, which controls about half the country's , has said that convergence of the chipmaking and telecommunications businesses would enhance efficiency and help expand its overseas interests.

Creditors rescued Hynix by swapping their debt holdings into shares in 2001 and 2002.

They have been trying for years to sell out but previous attempts have been hampered by uncertainties over the chipmaking sector and the need for huge investment in Hynix.

Due to the , Hynix swung to a third-quarter net loss of 562.62 billion won ($496 million) compared with a record net profit of 1.04 trillion won a year earlier.

-- Newswires contributed to this report --

Explore further: Oregon sues Oracle over failed health care website

add to favorites email to friend print save as pdf

Related Stories

Two S. Korea firms bid for Hynix stake

Jul 08, 2011

Two South Korean companies said Friday they had submitted preliminary bids to buy a controlling stake in Hynix Semiconductor, the world's second-largest memory chip maker.

SK Telecom makes final bid for Hynix stake: report

Nov 10, 2011

South Korea's top mobile carrier SK Telecom has submitted a final bid to buy a controlling stake in Hynix Semiconductor, the world's second-largest memory chip maker, a report said Thursday.

Hyundai says it will not bid for Hynix stake

Jul 06, 2011

South Korea's Hynix Semiconductor Wednesday lost its sole potential buyer after shipmaking giant Hyundai Heavy Industries said it would not bid for a stake in the world's second-largest memory chip maker.

SKorea's Hyosung group bids for Hynix: report

Sep 22, 2009

A minor business conglomerate in South Korea looks set to buy a major stake in the world's second biggest memory chip maker after becoming the only firm to submit a bid, a report said Tuesday.

South Korea's Hynix swings to net loss in Q3

Oct 27, 2011

South Korea's Hynix Semiconductor, the world's second-largest memory chip maker, said Thursday it swung to a third-quarter net loss as weak demand for personal computers dampened sales.

Recommended for you

Oregon sues Oracle over failed health care website

13 minutes ago

Oregon Attorney General Ellen Rosenblum says she's filed a lawsuit against Oracle Corp. and several of its executives over the technology company's role in the state's troubled health insurance exchange.

Google buys product design firm Gecko

33 minutes ago

Google on Friday confirmed that it bought Gecko Design to bolster its lab devoted to technology-advancing projects such as self-driving cars and Internet-linked Glass eyewear.

Ticketfly buying WillCall for on-premise data

Aug 21, 2014

Ticketfly Inc., a San Francisco-based technology company among several posing a challenge to Ticketmaster, is acquiring WillCall Inc., a crosstown rival that turns your smartphone into a mobile wallet at live events.

HP revenue inches up after years of decline

Aug 20, 2014

Hewlett-Packard on Wednesday reported that its quarterly revenue rose for the first time in three years, nudged by improved computer sales everywhere except Russia and China.

Restaurants experimenting with pay-in-advance tickets

Aug 20, 2014

With restaurant patrons increasingly jumping on the Internet to make reservations, some high-end eateries here and across the country are adding a new tech wrinkle: having their clientele pay for their meal in advance using ...

User comments : 0