LDH to put Livedoor on the block

Kyodo News

LDH Corp., formerly Livedoor Holdings Co., is planning to sell Livedoor Co., its core portal site company, sources said Thursday.

LDH plans to invite bids for Livedoor soon so it can make a profit on the sale. South Korean Internet firms and investment funds are expected to join the bidding, the sources said.

LDH is still involved in a damages suits filed by Livedoor shareholders seeking compensation for losses from stock price plunges triggered by the revelation of accounting fraud by the once high-flying Internet venture.

In a separate damages suit filed by LDH against Livedoor founder Takafumi Horie and other executives, LDH has reached an out-of-court settlement with Horie, but the case against the other executives is still pending.

Livedoor Holdings was delisted in April 2006 in the wake of the accounting fraud case. LDH adopted its current name in August 2008.

After the sale of Livedoor, LDH will concentrate on the court proceedings, the sources said.