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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] Oasis, the operator of the early-morning fresh food delivery service “Oasis Market,” has been selected as the final preferred bidder to acquire e-commerce platform TMON.
On April 14, the Seoul Bankruptcy Court announced its decision to designate Oasis as the final bidder. The acquisition will be finalized following a creditors’ meeting scheduled for June.
The acquisition is structured as a 100% new share issuance, with a purchase price of KRW 11.6 billion (approx. USD 8.5 million). However, taking into account Oasis’s responsibility to pay off TMON’s unpaid deposits, retirement benefit claims (KRW 3 billion), and retirement benefit provisions (KRW 3.5 billion), the effective acquisition cost is expected to reach KRW 18.1 billion (approx. USD 13.3 million). Oasis has also agreed to guarantee employment for existing TMON employees for the next five years.
The court stated, “Oasis Market has optimized logistics efficiency through a direct purchase model. We expect significant synergy by combining Oasis’s logistics strengths with TMON’s open market structure.” The court also noted that Oasis plans to normalize TMON’s operations quickly by repaying rehabilitation claims with the acquisition funds and injecting additional working capital.
The repayment rate for general rehabilitation claims through the M&A is projected to be around 0.8%, higher than the 0.44% liquidation dividend rate expected in the event of TMON’s bankruptcy.
Oasis is required to submit a rehabilitation plan to the court by May 15. If approved at the stakeholders’ meeting in June, the acquisition will be officially finalized.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
