• Most Popular
  • Most Shared

PCPD shareholders reject PCCW's buyout proposal

Wed Apr 16, 2008 11:19pm EDT

Stocks

   

HONG KONG, April 17 (Reuters) - Shareholders of Pacific Century Premium Developments Ltd (0432.HK) (PCPD) on Thursday rejected PCCW Ltd's (0008.HK) $333 million plan to take the property unit private.

The company will make an announcement later in the day on the veto, a PCPD spokeswoman told reporters.

PCCW, Hong Kong's dominant fixed-line carrier, proposed to buy out and delist PCPD for HK$2.64 billion (US$333.3 million).

PCCW, which currently holds 61.53 percent of PCPD, said in February it planned to offer HK$2.85 per share for about 926.13 million outstanding PCPD shares it did not already own.

Shares in PCPD were suspended on Thursday, while PCCW was flat.

(US$1=HK$7.8) (Reporting by Vinicy Chan; Editing by Anne Marie Roantree)



More from Reuters

Photo

New security restrictions could hurt airlines

NEW YORK (Reuters) - Tighter security measures at U.S. airports following an attempt to blow up a Detroit-bound jet could dampen enthusiasm for air travel, hurting the airline industry just as it seemed poised to recover from a period of bruising losses, some industry experts say.

» More Top News
A Delta Airbus 330 airliner sits on a runway at Detroit Metropolitan Airport in Romulus, Michigan in this video grab made December 25, 2009. Credit: REUTERS/WDIV TV/Handout

The battle in mid-air

The attraction of bombing airliners means the aviation industry has to be constantly vigilant in its fight against attackers.  Full Article 

U.S.
A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
Political Risk in 2010:

Don't say we didn't warn you

With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

Global Markets