Ahead of the final bidding for Tong Yang Magic Inc. on September 27, 2016, potential bidders are forming consortiums to have a better chance of winning the acquisition deal. UNID Company Ltd. (KOSE:A014830) and homegrown STIC Investments, Inc., who showed their interest by submitting letters of intent in August 2016, have reportedly agreed to make a joint bid. CVC Capital Partners Limited is negotiating with other strategic investors to form an alliance.

Car rental firm AJ Networks Co., Ltd. (KOSE:A095570) plans to join hands with IMM Private Equity, Inc. The sale of Tongyang Magic, a deal estimated at some KRW 500 billion, has attracted offers from seven to eight firms and has been under due diligence process over the past month. Shortlisted firms include CJ Corporation (KOSE:A001040), SK Networks Company Ltd. (KOSE:A001740), Hyundai Department Store Co., Ltd. (KOSE:A069960), UNID and AJ Networks as well as some private equity firms such as CVC Capital Partners and STIC Investments, Inc.