(Updates with share price in fourth paragraph.)
June 21 (Bloomberg) -- Hynix Semiconductor Inc. shareholders will receive preliminary bids until July 8 for their controlling stake in the world’s second-largest maker of computer-memory chips, Korea Exchange Bank said.
Nine financial institutions led by Korea Exchange Bank will pick a preferred bidder in August, the bank said in an e-mailed statement today. Bidders will be asked to buy all or part of the shareholders’ 15 percent stake as well as new shares, according to the statement.
The shareholders gained the stake by converting debt into shares through a government-initiated bailout of the chipmaker in 2001. The shares are worth about 2.24 trillion won ($2.1 billion) based on yesterday’s closing price.
Three previous efforts since 2009 to sell the stake failed because buyers could not be found.
Hynix fell 0.4 percent to 25,100 won as of 11:49 a.m. in Seoul trading, giving the company a market value of 14.8 trillion won. The stock has gained 4.4 percent this year, compared with the benchmark Kospi index’s 1.5 percent decline.
Hyundai Heavy Industries Co., the world’s biggest shipyard, said June 8 it is looking “with interest” at buying the Hynix stake.
Credit Suisse Group AG, Korea Development Bank, NH-CA Investment & Securities Co., Shinhan Investment Corp. and Woori Investment & Securities Co. are to arrange the sale, according to the statement.
--Editors: Nicholas Wadhams, Dave McCombs
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