Disharmony in Kumho bus company deal

Attempts by Kumho Tire parent company Kumho Asiana to reacquire Kumho Buslines from private equity consortium KoFC IBKS KStone PEF have run into difficulties, with consortium backers KStone Partners and IBK Investment & Securities claiming Kumho Asiana has tried to force down the Kumho Buslines purchase price by pressuring other potential bidders to step away.

Korea IT Times wrote on 2 September that the consortium sent Kumho Asiana an official letter that claimed the company’s “current senior manager of personnel and other managers have organised a union to put pressure on potential bidders not to take part in the bidding.” The letter claimed that the group’s executives are also involved in this.

Kumho Asiana responded by saying the consortium made this accusation to tarnish its reputation and thus gain from the Kumho Buslines deal, Korea IT Times added.