Broker Center sponsored links

PCPD shareholders reject PCCW's buyout proposal

Wed Apr 16, 2008 11:19pm EDT
 
Email | Print | | Reprints | Single Page
[-] Text [+]

HONG KONG, April 17 (Reuters) - Shareholders of Pacific Century Premium Developments Ltd (0432.HK: Quote, Profile, Research, Stock Buzz) (PCPD) on Thursday rejected PCCW Ltd's (0008.HK: Quote, Profile, Research, Stock Buzz) $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)

 

Featured Broker sponsored link

Editor's Choice

  • Pictures
  • Video
  • Articles
Photo

A selection of our best photos from the past 24 hours.  View Slideshow 

Most Popular on Reuters

  • Articles
  • Video
  • Recommended