A Hong Kong court yesterday cleared Richard Li's protracted attempt to buy out PCCW, his telecommunications company, striking down calls from the market regulator to block the $2bn deal.
But the Securities and Futures Commission said it would appeal against the judge's decision to allow the buy-out offer from Mr Li, PCCW chairman, and China Unicom, the second largest shareholder, because of allegations of improper share transfers.
In a February meeting, minority shareholders voted in favour of a $4.50 offer. But SFC investigators moved in after the poll, seizing voting records.
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