▪Three companies submitted bidding proposals on August 10th.
▪SYMC factors in a series of criteria including the bidding prices, financial capabilities, and managerial plans when deciding on the preferred bidder.
▪After signing an MOU by the end of this August, there will be an actual singing of the formal contract in November.
Ssangyong has announced that Mahindra & Mahindra Limited of India is the preferred bidder for a controlling stake after a comprehensive appraisal of three companies that submitted bidding proposals on August 10th.
The decision was made based on the submitted bidding proposal that consists of the following factors: the total amount of bidding investment, the amount of paid-in capital increase, the amount of cash to purchase the companies bonds and issuing conditions, the certainty of financing plans, the enthusiasm and capability of managing and developing the company, the probability of attaining a successful management plan after taking over the company and guarantees for maintaining existing employees and collective agreements.
The preferred bidder is to pay an upfront fee of 5% of the total bidding amount, before signing an MOU by the end of August, followed by an actual inspection of the manufacturing facilities in September, including a confirming of the takeover amount, and an actual singing of the formal contract in November.