According to a Korean news agency report, conglomerate Hyosung has submitted a bid on Tuesday for a pie in Hynix. It had been earlier reported that Hynix Semiconductor has placed for sale a stake of up to 28 per cent. This chunk of shares now are held by creditors who came to the rescue of Hynix and bailed out the company in 2001 when it fell into loss-making times and was on the brink of being bankrupt. The creditors had then swapped their credits for equity.

Hynix has said that it would be the Korean Exchange Bank (KEB), which is in fact one of the creditors, who would be handling the sale. According to the bank, the stake value has been put at 3.65 trillion won (around $3.04 billion) and that the official bids have closed Tuesday. Hyosung is the only company that has placed its bid for the stake.

It is however believed that the KEB might wait till November before a decision is taken. With Hyosung ending up as the lone bidder, the expectations of the creditors that a handful of bidders might be interested in buying the stake have been derailed.