SEOUL, March 05 (AJP) - Fresh food delivery company Oasis has emerged as the leading bidder to acquire the e-commerce platform Tmon, which is currently undergoing debt rehabilitation.
According to industry sources on Wednesday, Tmon filed an application with a Seoul court on Tuesday, requesting that Oasis be designated as its conditional preferred bidder in the ongoing acquisition process.
Tmon and WeMakePrice — collectively known as "Timef" — have been engaged in discussions with multiple potential buyers since entering rehabilitation proceedings in July 2024, following a major settlement default. The companies aimed to finalize a sale before securing approval for their rehabilitation plan, with a deadline set for March 7.
Oasis has reportedly agreed to acquire only Tmon, with both parties recently reaching a consensus on price terms.
The sale is being conducted through a "stalking horse" process, in which a conditional preferred bidder is selected while a public competitive bidding process continues simultaneously. This method allows other interested buyers to submit offers.
EY Hanyoung, the lead manager for the sale, is expected to sign a "conditional investment agreement" with Oasis around March 6, pending court approval.
A public sale notice is set to be issued next week, followed by an open bidding process, with the final buyer expected to be determined next month.
While Oasis’s proposed acquisition price has not been disclosed publicly, it will be shared with participating companies under confidentiality agreements to ensure the selection of the highest bidder.
If no competing bids exceed Oasis’s offer, the company will be confirmed as Tmon’s buyer. Even if higher bids emerge, Oasis retains the "right of first refusal," allowing it to match the best offer.
Meanwhile, EY Hanyoung continues to seek a separate buyer for WeMakePrice.
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