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PCCW: last Li bid

January 7, 2009

Richard Li, chairman of PCCW, and his Chinese state-controlled partner have raised their offer to take the Hong Kong telecoms company private in an 11th-hour bid to win over disgruntled minority shareholders. Just before a meeting at which PCCW shareholders were expected to reject an initial buy-out proposal priced at HK$4.20 a share, Li and China Unicom, PCCW's two largest shareholders, lifted their offer by 7.1 per cent to US$2.2bn, or HK$4.50 a share. The revised offer was final, they said. A vote on the new bid has been adjourned and is likely to take place in February.

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