Two candidates to buy MBK Partners’ 59.19% stake in ING Life Insurance Korea (ING Korea) have withdrawn from their bids in a deal that could have fetched US$2.3 billion.
With the development, MBK has deferred its plan to sell its stake in the insurer. On Tuesday, KB Financial Group announced its intention to send a communication to MBK informing it of the decision to pull out of the bid.
An official from KB said that although they have considered acquiring ING Korea, it does not subscribe to the spend-it-or-lose-it philosophy.
The official added that MBK is also requiring KB to pay more in exchange for getting the management rights of ING Life, which is unfortunately beyond KB’s budget.
Earlier, Shinhan Financial Group also negotiated with MBK but the discussions fell apart because of valuation issues.
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