Cash-strapped carmaker SsangYong Motor Co. plans to receive acquisition proposals through mid-September, as a two-way race between two local investors is expected, industry sources said, Trend reports citing Yonhap.
The firm plans to receive bids from potential buyers through Sept. 15. So far, a total of 11 investors from home and abroad have submitted letters of intent to take over SsangYong.
Among major candidates are SM Group, whose businesses range from construction to auto parts manufacturing, and Edison Motors Co., which has teamed up with a homegrown equity fund, Korea Corporate Governance Improvement (KCGI).