Post by
Tcheck on Aug 13, 2020 11:12am
taking private - low ball offers
sorry for previous post
The SEC shouldn’t allow interested parties to vote on delistings,
said Smith, whose firm holds shares in around a dozen
U.S.-listed Chinese companies across various funds.
There is clear risk that “on any market volatility you could get a low-ball offer
that is in many ways a foregone conclusion.”
Smith cited the $8.7 billion buyout deal for China’s largest online classifieds
firm 58.com Inc. as the most recent example that shows the advantages
controlling shareholders have over minority investors
in a take-private transactions.
An investor group backed by 58.com’s founder Jinbo Yao was able to approve
the transaction even after minority investors including Aberdeen
said the proposed bid significantly undervalued the business.
“We wrote to the company but the controlling shareholders were able to vote
their shares in favor of the transaction,” Smith said.
that exactly what IQ is trying to do .
softbank maybe too
we will see
but in fact we are the controlling shareholders
never forget