Eastar Jet founder vows to return all family shares to revive Jeju Air’s acquisition

Korean budget carrier Eastar Jet founder Lee Sang-jik said Monday that the ownership family will contribute all their shares, worth around 41b won ($34.2m), to Eastar Jet to “save the company,” amid growing uncertainty in an acquisition plan by fellow low-cost carrier Jeju Air, due to wage issues following the latest pandemic shock. But with the ongoing tit-for-tat argument between the two low-cost carriers, it remains unclear whether or not the ownership family’s offer will spur Jeju Air’s acquisition of Eastar Jet, which has been halted since March. “Eastar Jet has been seeking a breakthrough after Jeju Air’s request for acquisition last year, but the process has not been smooth due to closure of international routes following aggravated ties with Japan last year and the economic turndown following the latest virus outbreak,” Lee wrote. His statement was read by Eastar Jet Executive Director Kim Yoo-sang during a press conference held at Eastar Jet’s headquarters in Gangseo-gu, Seoul, on Monday. “I had to make a decision as an Eastar Jet founder, since Jeju Air and Eastar Jet’s M&A deal is being delayed and has caused suspicions and a sense of crisis,” he added. Story has more background.<br/>