Naver said on May 19 in a regulatory filing that "nothing has been specifically decided at this time" in response to a report that it will form a consortium with Uber to acquire Baedal Minjok, also known as Baemin.
A report had earlier said Naver and Uber formed a consortium on an 8-to-2 basis and took part in Baemin's preliminary bid. The two companies were reported to have presented an acquisition price of 8 trillion won on May 15, aiming to buy 100 percent of the stake.
Naver did not deny the possibility of pursuing an acquisition. In a filing under the name of disclosure officer and Chief Financial Officer Hee-chul Kim (김희철), it said it is reviewing various options to strengthen business competitiveness. It plans to make a follow-up disclosure when details are finalised or by June 18, within 1 month.
Baemin's current owner, Germany's Delivery Hero (DH), is pursuing a resale 6 years after acquiring Baemin in December 2020, and JP Morgan is the sale adviser.
Uber, widely cited as a leading acquisition candidate, has increased its stake in DH from an existing 7 percent to about 19.5 percent, becoming the largest shareholder.
Ho-jung Lee
lhj@d-today.co.kr