SK Networks mulls Zinus buyout, but nothing has been confirmed

SK Networks is mulling to take over Zinus, bedding and mattress maker with global presence “for long-term co-development and value increase for stakeholders”, but it is yet to agree on the pricing and other terms.

The general trading company under Korea’s third-largest conglomerate SK Group in a disclosure Wednesday denied it has offered 1 trillion won ($852 million) to buy out Zinus, which is the world’s No.1 in online sales of co-efficient mattresses.

The company said it will disclose further development within the next month..

Since its founding in 2005, Zinus has continued growth with a U.S. warehouse and China-based manufacturing facilities.

Zinus earlier also disclosed that nothing concrete has been decided or confirmed on a potential M&A, but maintained that it is reviewing various options to finance its sustainable growth outside the U.S. by attracting multiple investors, including SK Group, by offering part of founding family’s stake.

Shares of Kospi-trading Zinus closed 1.21 percent higher at 75,400 won on Wednesday, while SK Networks shares finished 0.38 percent lower at 5,200 won.

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