Cyclelink owner Shanying Paper has unsuccessfully attempted to buy South Korean cardboard and box manufacturer Tailim Paper.
Ultimately, a consortium of Shanying Paper and Bain Capital was outbid in an auction by textiles company Sae-A Trading.
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Sae-A trading will now buy a 71% stake in Tailim Packaging and 100% of Tailim Paper.
It is believed that the sale price was in the region of 750 million won (£500 million) and was sold by IMM Private Equity.
Shanying has previously acquired Dutch firm WPT and a mill in the United States.
