Report: Daewoo Shareholders Reject Electrolux Offer Jul 1, 2011

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Shareholders of Korean appliance producer Daewoo could not accept the terms of an initial offer from Electrolux and may restart the sales process, according to sources reported by Reuters. Electrolux reportedly wanted a 5% price cut and wanted some Daewoo properties separated – terms that the shareholders found unacceptable. The report also said that an Entekhab Industrial Group holding company asked the court to prevent the cancellation of Entekhab’s Daewoo acquisition deal. Shareholders had an agreement to sell Daewoo to Iranian appliance company Entekhab, but Entekhab missed at least two deadlines for providing a funding plan.

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