Farmsco (KOSE:A036580) made a stalking horse bid to acquire 94% stake in Seolchun Farm Co. Ltd. for KRW 19.2 billion on September 23, 2019. The consideration shall be paid in cash to acquire 3.84 million shares in Seolchun Farm Co. Ltd. In order to secure the performance of the agreement 10% of the consideration has been deposited on September 24, 2019. A conditional tender offer for the acquisition will be held on October 8, 2019 post which Farmsco shall be selected as the final candidate for acquisition if no other better bidder appears. The contract will be terminated if better bid than Farmsco is made for the acquisition. For the year ending December 31, 2019, total asset, total debt, net liability, revenue and net income of Seolchun Farm Co. Ltd. was approximately KRW 34.4 billion, KRW 38.8 billion, KRW 4.47 billion, KRW 17.9 billion and KRW 6.38 billion respectively. As on April 5, 2019, Seolchun Farm Co. Ltd. received a decision to commence rehabilitation procedure from Daegu District court. The Board of Directors of Farmsco passed a reolsution in facour of the deal on September 23 2019. Farmsco (KOSE:A036580) completed the acquisition of 94% stake in Seolchun Farm Co. Ltd. on December 10, 2019.