Shinhan wins bid for LG Card

Shinhan Financial was yesterday named the winning bidder for LG Card in an offer which values LG Card at W8.6 trillion ($8.9 billion).

Shinhan Financial Group Shinhan emerged as top bidder for LG Card on August 16 offering W68,500 $70.95 per share for 85% of the shares outstanding in a deal which values the company at W8.6 trillion.

Sources confirmed that Shinhan agreed to pay between W68,000 and W68,500 per LG share to acquire 85% of the shares outstanding from LG Card creditors. LG Card has 125 million shares outstanding thus Shinhan valued the company at W8.5-8.6 trillion. It is understood that Hana...

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