The Willbes & CO., Ltd. cancelled the acquisition of WINERS MD CO.,LTD.
May 13, 2014 at 09:30 am IST
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The Willbes & CO., Ltd. (KOSE:A008600) agreed to acquire WINERS MD CO.,LTD. for KRW 2.8 billion in cash on May 13, 2013. The Willbes & CO., Ltd will acquire 0.02 million shares of WINERS MD. The Board of Directors of The Willbes resolved the deal on May 13, 2013. The scheduled completion date of transaction is May 24, 2013. As of May 24, 2013, the scheduled completion date of the transaction has been postponed to May 31, 2013. As of May 31, 2013, the deal consideration has been amended to KRW 2.6 billion.
The Willbes & CO., Ltd. (KOSE:A008600) cancelled the acquisition of WINERS MD CO.,LTD. on May 13, 2014.
THE WILLBES & CO., LTD. is a Korea-based original equipment manufacturer (OEM) of textiles. The Company operates in two business divisions: fiber division and education division. Its fiber division provides knits, sweaters, woven products, microfibers and others, through its oversea subsidiaries. Its education division provides education services to various individuals, such as lawyers, diplomats, government officials, appraisers, labor attorneys and others. The Company mainly supplies its textile products to TARGET, OLD NAVY and WAL MART. On May 31, 2013, the Company acquired 100% shares of a Korea-based company, which is mainly engaged in the educational institute operations.
THE WILLBES & CO., LTD. 
