Woongjin Holdings, the water purification company’s largest shareholder, told a court overseeing the proceedings it was willing to complete the deal according to Reuters.
It said Woongjin Holdings, which controls a 28.4 per cent stake, had agreed in principle to honour the planned stock purchase.
Woongjin Holdings said it will submit an official request with the court next week to continue the deal.
MBK agreed to buy a combined 31 per cent stake in Woongjin Coway last month and was understood to have been just a few days away from paying for the deal before it went sour.
Asian buyout houses Affinity Equity Partners and the private equity arm of Korean equities research house KTB Investment & Securities were among a host of potential bidders said to be lining up for the stake, as was GS Retail.
Goldman Sachs has been handling the sale process.
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