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Lotte restarts M&A drive with Neul Proon Medical Foundation bid

[THE INVESTOR]  Hotel Lotte has submitted a bid to acquire Neul Proon Medical Foundation along with three other strategic investors, the retail giant announced on Oct. 14.

Hotel Lotte will compete with three bidders including Korea Yakult.

This effectively signals the normalization of its operations after Lotte Group Chairman Shin Dong-bin dodged arrest two weeks ago.

“Utilizing the residential care facilities for the elderly and rehabilitation medical facilities for children, we can expand our social contribution,” said a company official, adding that “it can also create synergy among affiliates.” Hotel Lotte, for example, can share operational knowhow for managing residential care and Lotte Food can provide food.

The foundation runs Bobath Memorial Hospital, established in 2002 upon receiving endorsement from the namesake foundation in the UK, but entered rehabilitation process in September 2015. The estimated sale price is 100 billion won (US$88.75 million).

By Hwang You-mee (