March 14 (SeeNews) - Slovenian white goods manufacturer Gorenje [LJE:GRVG] said on Wednesday it has invited three companies into the due diligence phase of its search for a strategic partner, after receiving five non-binding offers.
All three are based in Asia, are active in the household appliances industry and have submitted offers to acquire a majority stake in the company - at least 50% +1 share of the entire share capital, Gorenje said in a Ljubljana bourse filing.
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Gorenje explained it received a fifth non-binding offer from a potential European strategic partner on March 13, after earlier receiving four offers from Asian companies.
Following a thorough analysis and review of strategic business elements as well as other elements of all five non-binding partnership offers received, Gorenje said it decided to invite only three potential partners into the due diligence phase of the process.
"Potential partners will be granted access to a Virtual Data Room of the Gorenje Group from March 23, 2018 onwards, invited to selected site visits at Gorenje Group facilities as well as meetings with top management during April 2018," the company noted.
The deadline for submitting binding offers is set to May 8, 2018.
Gorenje said earlier it hopes that with the help of a strategic partner it can pursue the growth of business, strengthen brand power, access prime distribution channels, accelerate product innovation and business digitalisation.
In November 2016, Japan's Panasonic decided not to increase its stake of 10.74% in Gorenje.
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