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Mirae Asset Global Investments said it is waiting for Anbang Insurance's official explanation of why it had not fulfilled all the requirements needed to close a $5.8 billion hotel deal.
A letter has been sent to Anbang Insurance urging it to respond within 15 days with a further notification that unless it replies by May 2, Mirae Asset may terminate the deal.
Anbang Insurance, the seller of the hotel, claimed that Mirae Asset, the preferred bidder, had reneged on its obligations to closing the deal on April 17.
But Mirae Asset said that this was due to an ongoing legal dispute between the Anbang Insurance and a third party, which it uncovered while conducting due diligence on the deal.
"We've kept requesting explanatory materials on it from the Anbang unit, but it hasn't responded yet," Mirae Asset said.
According to a Bloomberg report, Anbang Insurance sought an order filed with a Delaware court in the US compelling Mirae Asset to fulfill its obligations under the purchase agreement.
The said contract was for Mirae Asset Financial Group to purchase 15 five-star hotels and resorts in the United States from Anbang, which the latter had acquired from Blackstone in 2016.
The list of hotels includes JW Marriott Essex House New York, The Ritz-Carlton Half Moon Bay, Four Seasons Silicon Valley, Four Seasons Arizona, Four Seasons Resort and Residences Jackson Hole, Hotel Fairmont Scottsdale Princess, InterContinental Miami, Montage Laguna Beach, InterContinental Chicago, and The Westin St. Francis San Francisco.
Mirae Asset had paid a 10 percent deposit in September.
To finance the acquisition, Mirae Asset Financial Group will raise $1.8 billion through its affiliates, Mirae Asset Daewoo, and Mirae Asset Global Investments. The remaining $40 billion will be sourced through a partnership with US investment bank Goldman Sachs.
Due to the COVID-19 outbreak, the parties have also continuously discussed delaying the deal's closing date and rearranging other conditions.
