Naver's stock price has shown strong gains amid speculation about its potential acquisition of Woowa Brothers, the operator of the popular food delivery service Baedal Minjok (Baemin).
According to the Korea Exchange, as of 1:33 PM on May 14, Naver shares were trading at 211,500 won, up 4.96% from the previous trading day.
The stock opened at 204,000 won, a 1.24% increase from the last close, and quickly gained momentum, reaching a peak of 216,000 won during the session. However, some profit-taking led to a slight pullback in gains.
Market analysts suggest that the news of Delivery Hero's (DH) efforts to sell Woowa Brothers has boosted investor sentiment. DH is reportedly exploring acquisition interest from major domestic and international companies, with Naver identified as a key contender.
DH acquired Woowa Brothers in 2020 and is now looking to sell the company approximately six years later. The expected sale price is estimated to be around 8 trillion won.
Industry sources indicate that Naver has received a teaser letter containing key management and business information from DH. Additionally, global platform companies such as Alibaba, Uber, and DoorDash are also being mentioned as potential buyers.
* This article has been translated by AI.
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