UPDATE: eBay Korea tender closes as two-way race between Lotte and Shinsegae

[Source: eBay Korea]

Updated with new information

Korea’s retail archrivals Lotte and Shinsegae saw through the race over eBay Korea as the latecomers to e-commerce market vie for a leap through the purchase of the platform commanding third largest share in the country.

Among four candidates shortlisted in March, SK Telecom and MBK did not hand in their final bids on closing of the tender Monday.

The bid prices by Lotte and Shinsegae are not known. eBay Korea running Gmarket, Auction, and G9 is estimated to be worth near $5 billion.

Market watchers anticipate the e-commerce player’s U.S parent to announce a preferred bidder after the board of directors meeting scheduled for next week.

Acquisition of eBay Korea with market share coming after Naver Shopping and Coupang could instantly bulk up the final winner to compete on par with the two leaders in the burgeoning e-commerce sector.

Lotte and Shinsegae are the largest retailers in Korea but they are latecomers in the e-commerce market.

Naver Shopping and Coupang respectively command 18 percent and 13 percent, followed by eBay Korea with 12 percent, SK Telecom’s 11Street 6 percent, Lotte Shopping’s Lotte On 5 percent, and Shinsegae’s SSG.com 3 percent.

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