The final round of bidding for beauty chain CJ Olive Young’s pre-initial public offering (pre-IPO) has been delayed to December 16 after most potential buyers asked for more time.

Deal managers Credit Suisse and Shinhan Investment have notified shortlisted bidders of the delay of the deciding round, which was originally intended for December 10, industry sources said on Wednesday (December 2). Interviews have been held since last month and bidders requested more time to submit their binding offers due to a lack of information.

Shortlisted bidders initially included private equity firm Anchor Equity Partners, IMM Private Equity, STIC Investment, JKL Partners, Glenwood Private Equity and Hyundai Department Store Group, but some walked out of the deal. Goldman PIA has newly joined the race.

Potential buyers have been given great flexibility in pitching their preferred deal structure for the pre-IPO. The final results are likely to depend on what they will offer in the bidding.

There had always been a possibility the final round of bidding might be delayed, as potential buyers wanted more time and information for due diligence. Seller CJ Group said it would respond to bidders’ requests for more information unless the material was sensitive.

CJ Group, the South Korean food and entertainment conglomerate, is selling a minority stake in CJ Olive Young, including a 17.97% shareholding held by Lee Sun-ho, the only son and heir apparent of group chairman Lee Jae-hyun, and a 10% stake owned by the chairman’s younger brother Lee Jae-hwan. New shares may also be issued in the deal. (Reporting by Ar-rum Rho, Ik-hwan Choi)