CJ Corp, the holding company of food-to-logistics CJ Group, and retailer SK Networks said on Thursday they submitted separate non-binding bids to acquire South Korean home appliance rental company Tongyang Magic Inc.
A South Korea-based private equity consortium called NH-Glenwood owns 100 percent of the company. Analysts estimate the deal could be worth around 500 billion won ($457.33 million).
More than 10 parties have submitted non-binding bids in the deal due on Thursday, including private equity firms Carlyle Group and Affinity Equity Partners, South Korean online media Edaily reported earlier on Thursday, citing unnamed investment banking sources.
Carlyle and Affinity declined to comment.