Reuters: Private Equity: Hi-mart sellers refuse to extend exclusive talks with MBK Partners

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Hi-mart sellers refuse to extend exclusive talks with MBK Partners Jul 3rd 2012, 01:58 SEOUL, July 03 | Mon Jul 2, 2012 9:58pm EDT SEOUL, July 03 (Reuters) - Shareholders selling a controlling stake in Hi-mart Co Ltd refused to extend exclusive negotiations with preferred bidder MBK Partners on Monday, sources with direct knowledge of the matter said on Tuesday. Hi-mart shareholders including Eugene Corp, Hi-mart Chairman Sun Jong-koo have put up for sale a combined stake of 65.25 percent that was worth 744.6 billion won ($650 million) as of Monday's close. Hi-mart said in a regulatory filing on June 25 its major shareholders had picked local private equity fund MBK Partners as the preferred bidder, ahead of Lotte Shopping. (Reporting By Joyce Lee, additional reporting by Stephen Aldred; Editing by Denny Thomas and John Mair)

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