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CJ CheilJedang Headquarters (Photo courtesy of CJ) |
[Alpha Biz= Paul Lee] SEOUL, Aug. 11 — CJ Group has dismissed market speculation that it is pursuing the acquisition of discount retail chain Homeplus, calling the reports “groundless.”
According to investment banking (IB) industry sources, Homeplus’s sale manager, Samil PwC, recently sent teaser letters to potential buyers. Earlier in the day, some media outlets reported that CJ, through one of its food and beverage affiliates, had begun preliminary due diligence to join the bidding process.
A CJ official refuted the claims, stating, “Homeplus is unrelated to our core business sectors and is not expected to generate meaningful business synergies. It is not under consideration for acquisition.”
Industry watchers also noted that CJ Group currently lacks both sufficient acquisition funding and the operational rationale to take over Homeplus.
The sale manager is still in the process of identifying potential buyers and aims to select candidates by September.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
