Li,+China+Netcom+sweeten+PC[1].. - proposal With the...

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advertisement Li, China Netcom sweeten PCCW privatization offer December 31, 2008 7:30 AM ET HONG KONG (AP) - State-owned China Netcom and the son of one of Asia's richest tycoons have sweetened an offer to buy out minority shareholders in leading Hong Kong phone company PCCW. Richard Li, chairman of PCCW Ltd. and the younger son of Hong Kong tycoon Li Ka-shing, and China Network Communications Group Corp. raised their privatization offer by 7 percent from HK$4.20 to HK$4.50 per share, PCCW Ltd. said in a statement to the Hong Kong stock exchange late Tuesday. Li owns about 28 percent of PCCW through his Singapore-listed Pacific Century Regional Developments Ltd. and China Netcom owns 20 percent. The sweetened offer came just ahead of a shareholders' meeting Tuesday that was to vote on the original $2 billion buyout
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Unformatted text preview: proposal. With the support of institutional shareholders, the meeting was adjourned so investors could consider the revised offer, frustrating minority shareholders who oppose the deal, the South China Morning Post reported. PCCW, which runs fixed-line, mobile phone, broadband and broadband TV services, rose 7.2 percent to HK$3.70 in half-day trading Wednesday. © 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. advertisement Data providers Copyright © 2009 Thomson Reuters . Click for Restrictions. Quotes supplied by Interactive Data . Li, China Netcom sweeten PCCW privatization offer: Associated Press. .. .. 1 of 1 2/8/2009 2:09 PM...
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This note was uploaded on 04/03/2010 for the course FINA FINA111 taught by Professor Lynnpi during the Spring '09 term at HKUST.

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