The fourth attempt to sell MG Insurance falls through

KDIC is now looking into private contracts for MG Insurance sale.

The Korea Deposit Insurance Corporation (KDIC) is expected to seek a new owner for MG Insurance through private contracts after the fourth attempt to sell the company was cancelled, reported Maeil Business Newspaper.

On the 16th, it was reported that three bidders, including domestic private equity firm Daily Partners, US-based PEF JC Flowers, and Meritz Fire & Marine Insurance, had applied to bid for MG Insurance. Despite this, the sale did not proceed.

An official from the sale process stated that the final bid was concluded based on the review by the sales manager and legal advisor but declined to provide specific reasons for the cancellation. The official confirmed that future efforts to sell MG Insurance will involve private contracts.

MG Insurance has undergone three previous sale attempts through competitive bidding without success. The latest re-bidding process was conducted with the possibility of shifting to private contracts. 

Despite initial optimism due to the participation of three companies, the sale was ultimately cancelled, likely because the bids did not meet the KDIC's expectations.