Reuters: Private Equity: Hi-mart: Lotte picked as preferred bidder for stake sale

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Hi-mart: Lotte picked as preferred bidder for stake sale Jul 4th 2012, 02:37 SEOUL, July 4 | Tue Jul 3, 2012 10:37pm EDT SEOUL, July 4 (Reuters) - Hi-mart Co, South Korea's biggest electronics retailer, said on Wednesday that its top shareholders have selected retailer Lotte Shopping Co as the preferred bidder for a controlling stake in Hi-mart. Hi-mart said on Tuesday that shareholders had rejected a request by private equity firm MBK Partners to extend its exclusive negotiating rights to buy the stake, re-opening the door to rival bidder Lotte. A source with knowledge of the matter told Reuters that MBK walked away from the auction after it found a worse-than-expected deterioration in the business.

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