[The Chosun Ilbo, December 3 2007] SKT on Brink of Clinching Hanaro Takeover

Korea’s top wireless service provider SK Telecom is poised to take over Hanrao Telecom, the country’s second-largest telephone and broadband line company. An SK Telecom taskforce in charge of the takeover negotiated with a consortium of Newbridge Capital and AIG, the major shareholder in Hanaro, late into the night over the weekend.

An SK Telecom executive said Sunday the company’s board of directors decided on a per-share price ceiling and gave full authority to SK Telecom president Kim Shin-bae at a meeting on Friday. The ceiling is reportedly set at less than W13,000 (US$1=W922) per share. The executive said his company plans to clinch a final contract before Tuesday if possible and immediately announce the merger.