Nexon Shares Take A Dive Following Reports That The Tech Giant Is No Longer For Sale

Nexon’s share prices have taken an unexpected hit after a local newspaper reported that Kim Jung-ju has changed his mind about selling his controlling stake in the tech giant. According to Bloomberg, the company’s share prices have gone down as much as 5% bringing Kim’s stake valuation down from $8.6 billion to $6.1 billion.

Back in January, Nexon made headlines in both the gaming and business circles when founder Kim Jung-ju announced his intentions to sell controlling stake of the company. Over the next few months, a number of high-profile game development studios were reported to have submitted bids including EA, Amazon, Kakao Games, Netmarble, and Tencent. By June, it looked like Kakao, Netmarble, and a number of private equity firms were on top of the list of potential Nexon owners.

A recent article on The Korea Economic Daily, however, has sparked rumors that Nexon won’t be pushing through with the sale. According to the article, anonymous sources told the newspaper that Kim Jung-ju had a change of heart and had asked the involved banks to on the news to the bidders. The article also reported that negotiations have failed because of disagreements on the purchase price.

Nexon has yet to respond to the report. We’ll keep you in the loop as the Nexon drama unfolds.