A total of 10 bidders have bid for the acquisition of Tong Yang Magic Co., Ltd. from Tongyang Inc (KOSE:A001520), sources reported. The bidders include domestic companies like Hyundai Department Store Co., Ltd. (KOSE:A069960), Kyowon, Kiturami Group, Cuckoo Homesys Co., Ltd and funds like KTB Private Equity and Vogo Fund. Also, Chinese, European and Japanese companies are also reported to have submitted their LOI (Letter of Intent) for the acquisition.

The purchase price for the acquisition will be over KRW 300 billion, as the competition over the acquisition is intensifying. Tongyang Group began its work for the sale of the unit at the end of February 2013. Goldman Sachs and Tongyang Securitie are acting as advisors for the sale and plan to shortlist candidates after reviewing the submitted LOI.

Tonyang is said to choose final bidder in the first half of year 2013 and then wrap up its work for the sale.