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Lotte is interested in buying eBay Korea and confirmed its participation in the preliminary bidding. Although it is going against other South Korean major companies, the company is determined to win.
Lotte’s is not backing out in the bid
Kang Hee Tae, Lotte Shopping’s chief executive officer, reaffirmed the company’s interest in acquiring eBay Korea after SK Telecom, MBK partners, and Shinsegae were also shortlisted as candidates in the preliminary bidding.
"Sure, we are interested in acquiring eBay Korea. We did receive an investment memorandum. However, the group could reveal relevant specifics through the regulatory filing," The Korea Times quoted Kang as saying during an interview with reporters at the annual shareholders' meeting at Lotte VIC Market in Yeongdeungpo District, Seoul.
With big companies joining in the bidding, the sale of the eBay Korea deal could reach at least KRW5 trillion. This estimation was posted after Goldman Sachs and Morgan Stanley were named as the lead underwriters for the deal.
Lotte’s projected gain if it successfully acquires eBay Korea
Lotte Shopping's participation in the bidding for the Korean unit of the US-based e-commerce platform came after its online shopping site called Lotte ON failed to impress the consumers after it was launched.
With the lukewarm response to the company’s new online shopping platform, the investors are worried that this result can also place the whole company at risk in terms of growing its new ventures. Thus, the bid to acquire eBay Korea may help Lotte ON to expand its presence in the online shopping market.
Moreover, if the company is successful in buying Korea’s eBay, it was said that Lotte could be in a better position as its share in the local e-commerce business could grow. It can at least gain 16% of the market share after the acquisition.
Meanwhile, as mentioned on KED Global, eight companies submitted their bids for the eBay Korea deal. Other than the brands above, the other bidders were not stated, but Kakao has already withdrawn its bid in the race. It was not long when the tech company announced its intention to drop out in the preliminary bidding, and the change of decision was due to its new plans to just further develop its own e-commerce store.
