SEOUL (Yonhap) -- Solid Inc., a South Korean telecom device firm listed on the tech-heavy KOSDAQ market, joined the local consortium that is in talks to acquire Pantech Co., industry sources said Thursday, casting a brighter outlook on the revival of the cash-strapped smartphone maker.
The move came after a Seoul court approved the takeover plan proposed by South Korean optical manufacturer Optis Co. to acquire Pantech.
Industry watchers said the Optis-led consortium may clinch an official deal with Pantech to discuss the takeover on Friday. The consortium is estimated to inject around 150 billion won (US$131 million) by the end of this year.
The latest bid by Solid will lend further financial support to the consortium in successfully acquiring Pantech, they added.
Pantech was put under court protection in August 2014, as it faced sales slumps in the midst of growing competition from bigger rivals, such as Apple Inc. and Samsung Electronics, as well as emerging Chinese players that focused on low-end devices.
In May, the company announced it has decided to end its receivership, a move that could have led to liquidation.
But Pantech again decided to seek a revival through talks with the consortium.
Optis, founded by a former Samsung Electronics employee, is one of the country's biggest optical manufacturers that mainly sells optical storage devices. Solid also ships telecom devices around the globe.
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