▪ After receiving three M&A proposals on Sep. 15, Court requested for supplemental documents till Oct. 15 that were reviewed for the selection of a preferred bidder

▪ Selection of preferred bidder based on a comprehensive selection criteria including bid price, the bidder’s funding capacity, future business plan, etc.

▪ After signing an MOU by the end of October, parties to conduct due diligence and sign the final contract at the end of November

SsangYong Motor and deal advisor Ernst&Young announced that Edison Motors Consortium has been selected as the preferred bidder on Oct. 20, 2021. The Company will submit the decision to the Court for the Court’s approval.

According to the original schedule, the selection of preferred bidder should have been made by the end of September, but as the Court asked the bidders for supplemental material, additional documents were registered on Oct. 15 and reviewed for the selection of a preferred bidder based on certain selection criteria that were approved by the Court. 

Regarding the selection of preferred bidder, SsangYong Motor and EY explained that they considered not only the size of the initial acquisition money but also the bidder’s capacity and determination to help SsangYong Motor grow steadily in the future after the acquisition.

SsangYong Motor and EY will go through the Court procedure to obtain the Court’s approval on their decision before signing an MOU by the end of October.

In the beginning of November, due diligence will be conducted for about two weeks before the main negotiations on the contractual terms and conditions including the acquisition money begin.

With these changes in timeline, SsangYong Motor will ask the Court to extend the deadline for the submission of its rehabilitation plan next week that should incorporate future investment from M&A, which is currently due November 1st. <Ends>