A South Korean appeals court ruled today that a contested merger between two Samsung Group affiliates last year had short-changed minority shareholders, and said they should receive a bigger payout.
The Seoul High Court decision overturned a lower court ruling that had dismissed the shareholders’ suit against the giant South Korean conglomerate.
The merger last July saw Samsung’s de facto holding company, Cheil Industries, take over construction firm Samsung C&T in an all-stock deal worth an estimated $8.0 billion.
The merger had been passionately opposed by a significant number of C&T investors, rallied by us hedge fund Elliott Associates — the company’s second-largest single shareholder.
Elliott had argued that the takeover wilfully undervalued the C&T share price, at an unacceptable cost to its shareholders.
Full Content: Economic Times
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