The Korea Deposit Insurance Corporation selected Meritz Financial Group's (KRX:138040) subsidiary, Meritz Fire & Marine, as the preferred bidder to acquire MG Non-Life Insurance, Pulse News reported Tuesday.
The KDIC evaluated proposals from Meritz Fire and private equity firm DAYLI Partners, finally favoring Meritz due to stronger financial plans and contract viability. Meritz will now carry out due diligence on MG Non-Life before finalizing its acquisition decision, the report said.
Shares of Meritz Financial Group rose nearly 1% in recent trade on Wednesday.
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