SAN FRANCISCO—South Korea's STX Group dropped out of the bidding to acquire a controlling 20 percent stake in Hynix Semiconductor Inc., leaving SK Telecom Co. as the only bidder, according to reports.
STX, a ship building and shipping group, dropped its bid amid global economic uncertainties and concerns over investments needed to keep Hynix competitive, according to a Bloomberg report, which cited a statement released by STX.
SK Telecom, South Korea's largest mobile phone carrier, is now the sole remaining bidder for the 146.1 million share stake in Hynix, which is valued at about $2.7 trillion based on Hynix's stock price, according to the report.
Well the banks that converted the debts Hynix owed them into equity nearly a decade ago are trying to get out, so I doubt it.
You may remember that the debts, to a consortium of banks, built up when Hynix was bailed out to prevent it disappearing after a DRAM market collapse.
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