Nexon Co founder Jungju Kim has abandoned plans to sell a controlling s...
Nexon, Netmarble and MBK declined to comment. Reuters was not able to reach Kim. Tencent has previously declined to comment on any interest in the NXC stake. Kakao did not immediately comment on the news, when contacted by Reuters.Netmarble, whose shares have been weighed down by the prospect of a Nexon deal, announced a share buyback worth 200 billion won on Tuesday, sending its shares up by as much as 8.4%.
Taking into account the market value of Nexon and a takeover premium of 15% - around the standard for other gaming deals, according to Dealogic data - the deal was seen this year as being worth about $16 billion, ranking it among South Korea’s biggest.“It seems that few bidders have financial capability to buy Nexon with a high price tag,” Lee Mina, an analyst at KTB Securities, said.
She said a dearth of hit games from Nexon since DNF, which was launched in 2005, was one of the “risks” to bidders. Morgan Stanley, which sources said was one of the advisers hired by Kim to explore a sale of his NXC stake, was not immediately available for comment. Deutsche Bank, another adviser, according to the sources, declined to comment on Monday.
Reporting by Heekyong Yang and Ju-min Park, Additional reporting by Anshuman Daga in SINGAPORE, Writing by Hyunjoo Jin; Editing by Himani Sarkar and Muralikumar Anantharaman
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