No appeal over PCCW buyout failure

18 Aug 2009

Bloomberg reports that PCCW’s chairman Richard Li has failed to win approval from a Hong Kong court to appeal the ruling that blocked his recent HKD15.9 billion (USD2.1 billion) buyout bid for the Special Administrative Region’s largest telecoms service provider. After the application was declined by the Court of Appeal, PCCW’s lawyer told reporters that Li had not yet decided whether to take the case to a higher court. The same court on 22 April 2009 found in favour of the Securities and Futures Commission, which said some PCCW stockholders were given free shares by third parties to bolster support for the takeover attempt.

Hong Kong, PCCW Group