Minority shareholders in the Singapore-listed holding company Pacific Century Regional Developments (PCRD) rejected an approximately $1.2 billion buy-out bid of PCCW, PCRD’s telecom arm. It was offered by a consortium including the telecom tycoon Li Ka Shing. The consortium had offered to pay PCRD S$0.305 a share for 23 per cent stake in PCCW, lower than PCCW’s current market value of S$0.415 a share. The sale was also opposed by 76 per cent of PCRD’s minority shareholders as PCCW’s sale price was reportedly undervalued. Richard Li, PCRD’s chairman and owner of 75 per cent of the company’s stock, was not allowed to vote on the transaction due to family ties with Li Ka Shing.
