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KKR rejoins bidding process for Tesco's S.Korea unit-Korea Economic Daily

Reuters - UK Focus

SEOUL, July 7 (Reuters) - Private equity firm KKR & Co has re-entered the list of eligible bidders for Tesco (Xetra: 852647 - news) 's South Korean business after offering to increase its bid price, the Korea Economic Daily reported on Tuesday.

KKR had been excluded from the shortlist of bidders invited to the next round earlier this month, but rejoined after revising its offer, the newspaper said, citing an unnamed investment banking source and without mentioning the bid price.

Representatives of KKR and Tesco's South Korean unit could not be immediately reached.

Carlyle Group and MBK Partners are among the shortlisted bidders for the retailing business, which is valued at about $6 billion, people familiar with the matter told Reuters earlier this month.

Bids for the next round are expected in mid-August. (Reporting by Joyce Lee; Editing by Stephen Coates)