Kumho Asiana Group is vying to retake Kumho Buslines in three years after renouncing control of the forerunner transportation unit during its liquidity crisis.

The group sent a takeover proposal late Monday to buy back Kumho Buslines from a private equity fund jointly run by IBK Securities Co. and KStone Partners, which holds a 100 percent stake in the intercity bus transportation.

But the group annexed a condition to the deal that it would only buy stakes in Kumho Buslines after excluding the bus operator’s 48.8 percent stake in Kumho Resort.

Last month, the IBK private equity fund suggested an acquisition deal estimated to be worth about 500 billion won ($450 million) to Kumho Asiana Group as it has the right of first refusal for the acquisition of the bus operator. 

Market watchers said the price tag of the takeover deal may go down to around 420 billion after excluding the stake in Kumho Resort, which operates resort hotels and golf courses.

Kumho Asiana Group sold the bus unit to the IBK fund for 330 billion won in 2012 to weather a worsening liquidity crunch.

IBK fund is conducting a legal review on the group’s proposal.

The group would need to make the payment within the next three months. If it fails to pay by June 9, the IBK fund will carry out an open bid process or private contract to find a new owner.

The group’s chairman Park Sam-koo is under growing pressure to collect cash as his company also plans to buy back a 57.48 percent stake in Kumho Industrial, the de facto holding company of Kumho Asiana Group.

Last month, four domestic private equity funds and Hoban Construction, a mid-tier local builder, submitted a letter of intent to buy Kumho Industrial, which owns key affiliates of Kumho Asiana Group, including the country’s second-biggest air carrier Asiana Airlines.

Park also has the right to buy back shares of Kumho Industrial ahead of the preferred bidder.

By Park Han-na (hnpark@heraldcorp.com)