Naver Drops Plan to Acquire Baemin
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Naver has decided not to acquire Baedal Minjok, or Baemin, about four months after reports emerged in May that it could form a consortium with Uber to acquire the food delivery platform for 8 trillion won. Naver said in a regulatory filing on Sept. 17 that it had "reviewed the acquisition of a stake in Baedal Minjok but decided not to proceed with the acquisition due to changes in the business environment and other factors." Naver said in May that it was "reviewing various options to strengthen its business competitiveness, but nothing specific has been decided." It maintained the same position in June and extended the deadline for another regulatory filing to Sept. 17. Naver's interest in acquiring Baemin was seen as driven by potential synergies with its commerce business. Naver has a commerce ecosystem connecting shopping, local business listings, reservations and payments. Adding Baemin, Korea's largest food delivery platform, could have expanded its service reach from online shopping to food delivery and local businesses. The landscape surrounding Baemin changed, however, while Naver was considering a potential acquisition. Ride-hailing and delivery platform Uber announced a deal on July 16 to acquire Germany's Delivery Hero (DH), Baemin's parent company, in its entirety. Uber offered DH shareholders a cash tender offer of 41.50 euros, or about 65,800 won, per share...
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