HDC agrees to last-chance meeting with Kumho to keep Asiana buyout alive

HDC Hyundai Development on Sunday accepted to sit down with Asiana Airlines’ parent Kumho Industrial in what would be the last chance to sustain the buyout deal on the brink of collapse due to the bidder’s demand for a fresh due diligence to reevaluate the asset to reflect mounting losses from pandemic woes. HDC Hyundai Development said it was willing to keep the deal alive if “Kumho Industrial admits to the need for revisit to the buyout terms. It remained critical of the parent’s lacking commitment to the conditions to its terms. HDC Hyundai Development emphasized that it must reevaluate the buyout target as the corporate value has been sharply deteriorated since the deal was first signed in December last year. Whether the meeting would go through and end meaningfully remains uncertain as the bidder clings to its demand for reevaluation. <br/>